The answer is yes and no.
We first have to look at what you are doing with your sewing machine. If you are using your sewing machine on a daily basis for creating heirloom quality items or selling your wares for profit, then I would recommend purchasing the best quality sewing machine you can afford. Investigate the machine features to be sure that they match your sewing needs. If you are a quilter, then a machine featuring a long throat, to easily maneuver your fabric, would be a good choice. The more expensive machines offer more features and gadgets to make your life a bit easier, but you still have to do the work. So don’t spend your hard earned money on a machine just because it is fully loaded, if you only use two or three of the features, it is a waste of money.
There are different machines for different purposes, which are great, if you use them. There are machines for quilting in general, only quilting certain types of stitches (which was a new one for me), embroidery, general sewing, finishing, sergers, and many more.
Can you get away with a machine with just a few stitches? Absolutely! These machines would be useful for quick fixes and occasional usage, but not big projects. I will caution you in this, if you are planning on using your machine often, then go with a machine in the $250.00 to $350.00 range, with features that will make your sewing more enjoyable. These machines will get you through a lot, and are real work horses.