There is, from as far as I can tell with my limited experience and a lot of forum reading, a positive correlation between price and quality (i.e. when price goes up, quality goes up). I would NOT be comfortable saying that the correlation is a perfect correlation (i.e. a gun that costs $1,000 is 10 times better than a gun that costs $100; a 1:1 correlation), just because, as has been said, most of your firearms from reputable brands (example price range $300-$800) are extremely reliable and of good quality.
What you are most likely to pay for when you pay more for a firearm is the same as when you buy anything else- the quality does increase (to an extent), but you are largely paying for a more individualized piece (more hand work and less machine work) and a name brand (Charmin vs. Wal-Mart toilet paper).
ETA: Lets also remember that we can't compare apples to oranges- comparing a 2022 to a 226 is fundamentally flawed, because one is a steel firearm and one is a polymer. Both materials have their strengths and weaknesses, but comparing the price just isn't reasonable.
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