Yes, I think that is accurate. Between cheap bearings and premium bearings, I think surface finish is comparable, but let's say the better bearings are harder, so are more durable. In performance, it shouldn't make much difference, as long as the cheap ones, under use, are not yielding or spalling. In terms of flex (stiffness), they are the same, because the elastic modulus for steel is the same across all strength levels (a few rare exceptions with newer alloys, IIRC). And stiffness might affect friction. In things like in-line skate wheels, I can feel the difference between low and high ABEC rating, and I think this is mostly size tolerance of both balls and of the complete assembly. My good skates were ABEC 5 or 7 IIRC, whereas my first cheap inline skates, I don't know if they even were ABEC rated, and they were a lot less smooth. My good luggage had cheap bearings in the wheels, not close tolerance, but more importantly, no seals, so grit got in there and really made them loose, wobbled, contributing to failure of the tire part of the wheel. I replaced them with inline skate wheels and good bearings, now it rolls silently and smoothly.