It's the opposite of a waste of money. I used to wear $80 dress shoes that would wear out after about 6 months. I invested in a few pairs of actual high-quality shoes that are going on 8 years and still look absolutely brand new. $400 every 10+ years is a lot cheaper than $80 every six months.
I buy sneakers for around that price but they're not "good quality." They're mesh and foam and made in a third world sweatshop. But no sneaker is going to last as long as a welted full-grain dress shoe, so sneakers aren't something to spend money on.