Cable Upgrades or Better Components???
I know...I know...but hear me out
Yes the quality of components is obviously important and can make staggering differences. The catch 22 is that if the cables aren't capable of the highest levels of transparency done in a neutral way, you will only be hearing a fraction of the differences higher grade components are capable of. If the cables are colored with distortion you can't tell what the upgrades are really doing. The details and life are not being delivered with lower resolution cables.
I used to use both entry level tube and solid state systems by Balanced Audio Technology, and their highest end tube mono block amps and preamp and their best solid state system to prove to people the value and importance of wires as well as one other thing, what power cords could do for a system.
Using one manufacturer's range of cables from entry to their statement cables the best goes in the entry level system and the entry cables in the $80k system (using Meadowlark Audio speakers from the Shearwaters to the Nightingales or Blue Herons). What you think the outcome is comparing an entry level system with the best cables or the statement equipment with entry level neutral cables will indicate what your understanding of the relationship cables have in a system.
Getting 100% of the potential of quality entry level equipment gets you all of the detail, ambiance, depth, and audiophile qualities, that is better than getting a throttled back fraction of the performance out of hardcore equipment. None of the audiophile quality and life we are looking for is delivered without great cable. The life of great equipment can't happen without the right cable.