I have seen this video earlier this year, but it is a bit misleading. He tells that his hourly rate is 30 GBP per hour. There are countries in the world, where people cannot earn 30 pounds in 2 weeks or even a month. So if someone is from Nigeria or Bangladesh, he would rather spend hours tweaking a low-end hand plane than estimating his time worth 30 pounds per hour and buying a Lie Nielsen.
This is true, but i guess it comes back to what time you want to spend working on your tools to get them to perform adequately vs actually making stuff. You raise a valid question in the OP but its not as straightforward as you make it sound. For example, you say that 100 years ago makers made a superior product with cheap tools but at the same time, so many of us claim old tools, in particular old machinery is better than the stuff made today.
I think your question is deeply personal to each and everyones personal situation. Yes you can use cheap tools to get the job done, maybe as good as an expensive tool. It comes back to what you want, for some people having and building a collection of expensive Veritas or LN tools gives them a great feeling in life. Personally for me, I would love to have LN and Veritas tools but I know i can get the job done with vintage Record planes and I would rather invest the difference in machinery I currently dont have and need or in premium materials such as Walnut because I love what i can do with it.
Furthermore, its a complex question because speaking from experience there is such thing as buy cheap buy twice, its not just an old guy thing to say. I also built a new workshop at the turn of this year, at the time I was unsure how much I was willing to invest into woodworking because I liked the idea but I had no idea i would enjoy it as much as I did. Because of this, i bought cheap tools so i wasn't throwing too much money into this new hobby. For example, i bought a cheap Clarke table saw for £180. I had it for 2 weeks before i tried to upgrade it by getting a new fence system and making a table which was another £140. After around 2 weeks of trying to make it good enough, i knew it never would be and i bit the bullet and got a big cabinet saw. I essentially wasted over £300 on that set up which was almost half of what I paid for my new second hand cabinet saw. Obviously this was my mistake to make and i was as green as the grass when it came to what tools i needed and what would get the job done and what wouldn't.
So to summarise, you do the right thing in one sense to talk yourself out of buying expensive tools, especially if you dont get that buzz from owning a big expensive collection. But at the same time, I think its important to not fall into the trap of just thinking all cheap tools are made equal and will get the job done just as well. For all I know, you might be a very established woodworker and know potentially more than I do about this so maybe my advice is flawed for you but I would recommend getting old hand tools from hand tool restorers because they have done the hard work to set the tool up and it will perform very well and at a very good price. For machinery, from my limited research, it seems that machines built in Europe between the 70s and 90s is modern enough but also built better than most others.
I think ive been bitten by the festool bug. Oh dear....