The short answer is yes you need quality tools, because cheap ones can be dangerous for you.
Examples of cheap dangerous tools:
Powertools can catch fire or hurt because of their high RPM.
Bad electric isolation on hand tools can also send you to the graveward if you cut the wrong live wire.
Any hand tool that was an cutting edge should be strong enough to resist high impacts, imagine pieces of steel flying against your skin or face. Yea don’t give me the safety glasses bullshit, most of us only use them for real when shit happens!
This brings me to the safety gear, use quality stuff with good safety specifications, PLEASE don’t use cheap stuff to protect your body! This isn’t bullshit, I got more than 11 years of civil construction on my back so I know all mistakes in the book!
Bad tools with bad safety gear = sooner or later you or someone near you will get hurt, I got real examples to back this statement:
My prescription glasses are not made of glass so when cutting a steel board with my cutting powertool a little piece of very hot steel burned one of my lenses.
Thats not a big deal you might say. Its a big deal because my lenses are very thick and the thing almost got to the other side of it, if it did I would be blind by now!
My father saw a grinder disc that broke in half cut the boot tip of a guy,now imagine if he didn’t have a steel tip boot, bye bye fingers.
Last example, a worker cut some very high current wires that actually melted the steel edge of his electricians cutters, the guy didn’t get hurt because the tool was within safety specs!
So yea buy good quality tools because they can actually save your life!