In a word, "Yes." As with most things in life, you get what you pay for, and knives are no different.
So what do you get when you spend more on a knife?
You get better engineering and design. You get better materials -- steel, handle materials and, on folding knives, parts like pivots, pins and locking mechanisms. You get better workmanship, which goes beyond basic assembly to include things like proper heat-treating of the steel.
Also, chances are good that you'll get a company that stands behind its products, no matter what. And often that means a lifetime warranty.
The bottom line, then, is that spending more gets you a tool that does what a knife is designed to do -- cut. Its blade will take a keen edge and hold it. It'll stand up to hard use. It won't let you down.
Sure, you can buy a cheap, flea-market knife that looks nice and feels sharp (at first). But we promise you, it won't last. Honestly, it's probably junk, designed only to help someone make a quick profit.
Then again, you could buy a real knife.
Remember, you get what you pay for. It's your call.