Years ago my MIL was appalled to hear that I was spending $10 per yard for quality quilting fabric. I'd hate to hear what she thinks of today's prices, especially since I favor hand dyes. She was convinced more than $3 per yard was a rip off.
It takes at least the same amount of time to cut out quilt pieces from cheap fabric as good fabric, it may take slightly longer to get the grain lined up...if you can, sometimes cheap fabric is printed off grain because nobody wants to spend the *time* to get the fabric on grain...
It takes at least the same amount of time to get the pieces sewn together into squares (if not slightly more time to get the off grain fabric to the correct shape - off grain fabric doesn't always stay the same shape) and get the pieces pressed properly to retain their shape...again, off grain fabric may not want to stay the correct shape...
Then comes the assembly of the patches sewn into into the whole top (more pressing may be needed for off grain than on grain - to make it flat), layer it with batting (also comes in a variety of prices), and the backing fabric.
It is actually harder to quilt off grain fabric and some cheap batting than it is to quilt on grain fabric and *good quality* batting (which also comes in more than one price point - but the "cheap" stuff isn't always an even thickness, may not be easy to get a needle through, and may get lumpy when washed unless quilted very close together).
Then there's cheap thread that breaks more, isn't color fast (also seen in cheap fabric), and may knot & twist more as you try to work with it.
In short, a cheap quilt may be more trouble and the materials will break down faster in use...and probably unevenly, at that.
A quilt made of higher quality materials will usually be easier to work with, the materials will "age" better, and it will not lead the quilter to tear her (his) hair out or make them want to stomp on the danged thing...
My MIL insisted on working with "good fabric" and was constantly amazed at how much $$ she was spending - but they all turned out looking good and were snapped up by her children. To the point that by the time the Ambrosia Hino wanted a quilt (about the time her brother was born - VorSon), there was only one more "spare" quilt in her possession as they were all on either her bed, FIL's bed, or some other family member's bed.
Ambrosia Hino got a quilt - Grandma told her that her brother was going to have to inherit his father's quilt or her mother (me) could make them quilts. I don't do hand sewing for *the whole thing* like she did...not to mention that I'm not their grandmother...so, a different level of "this was made for me by _____".
She gave up quilting years ago due to vision & trouble with her hands - so - no more new quilts will be coming from Grandma's house.
I've made small quilts (place mats, pot holders to use for getting things out of the oven, and wall quilts) - no bed sized ones...and I've certainly never done that much hand stitching!