One more objective difference between cheap and decent liquors is very important: the intensity of the hangover the next day, if you consume a lot.
I’ve noticed a difference between Cuervo and Patron in that respect. The better tequila doesn’t beat you up as badly.
I had some Potter’s brand tequila at a Halloween party years ago that made November 1st a very bad day indeed.
Obviously some of the “better” stuff has had more refinement, but the underlying taste of tequila, gin, whiskey, etc, is essentially the same for whatever it is.
It then becomes a matter of taste. Which do you prefer.
As for the next morning effects for overindulgence, that’s on you. ;-)
A true hangover is technically “alcohol induced hypoglycemia” where the alcohol strips the sugar out of your bloodstream, and you suffer the symptoms of that until you can get your blood-sugar levels stabilized.