Yep. I made my 20-some year old cheap MTB into the functional equivalent of this:
https://www.rei.com/product/109329/c...es-adv-21-bike. Didn't want to spend $1200 on a bike, so I took a $100 bike and made it into that. New handlebars, shifters, brakes, tires and fenders. Works just as well, probably maybe kinda sorta. Definitely not less than 1/4 the performance, at least, meaning for the money it is even better. Doesn't go fast with a top gearing of 42-14, though...