Short answer: yes.
Long answer and maybe to provoke some thought and debate:
It's not really if the knife is "worth" the "price." It's more if YOU as the individual value the labor that went into it AND your labor is valued to the point that you're able to purchase it. The price is just a number that represents the value of the product at the time of sale.
Do I value the labor that custom makers put into their knives? Most of them, yea, of course. However, does society value me enough to have the ability to purchase their stuff (hence their labor)? Undoubtedly, no. Therefore, as unfortunate and frustrating as it is, there is a limit to the real price value that I am willing to part with (regardless of how much I save or put aside). Until my labor is valued higher in a meaningful way, my threshold for the actual price of stuff is limited.
"Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life. But after the division of labour has once thoroughly taken place, it is but a very small part of these with which a man's own labour can supply him. The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities." Adam Smith, An Inquiry into the Nature And Causes of the Wealth of Nations (1776). Book I, Chapter 5.
Of course, it is also possible to argue that it's not actually the labor that is of value but, instead, the value is the utility the product provides. However, things that are well made generally have a something that you can't quite put your finger on that isn't strictly utility. There's an "art" to it, so to speak... and you can't really put a price on that (well, you can, it just doesn't accurately represent that value).
Don't overthink it. If you like a super expensive knife and you want to try it, get it. If you see a budget knife and it piques your interest, who's to judge? This stuff is suppose to be fun for our short time on this spinning rock. Have fun with it.