Not so much. If the pros were all riding 3000 euro bikes the race would look no different to what it does now. Not sure that would be the case with F1 where technology is half the battle.
God you're boring when you take me literally
The point is not so much the quality of the racing, but the quality of the component trickle-down to the general market. If professional teams were forced to use cheap bikes, there would be little incentive (or money) for the manufacturers to put much effort into R&D, and there would be far fewer aspirational bikes for people to buy or to lust after. I can see that there might be some appeal to that for some people, but imagine if this had been the case since cycling started - we'd still be on hobby horses or ordinaries.
The bike market is self-fulfilling to a degree - make expensive stuff for pro teams and lots of ordinary folk will buy it. We don't
need Di2 or AXS, or hi-mod carbon gravel bikes, but we like to have them. Making pro teams ride clunkers wouldn't make that go away, but it would make it a lot more expensive for that stuff to be developed and to buy, and thus would end up costing the industry in lost sales.