I don’t think there is any such thing as too much power conditioning. The higher quality the audio component the larger the portion of the component is used for power conditioning... and yet no mater how much better my components have gotten...most are now in the $20K range ... a separate power conditioner still improves the overall system sound, as did direct lines and specialty power outlets.
My strategy is always to buy better component versus upgrade the power supply... I would prefer the designer of the equipment choose exactly how to upgrade the power supply versus me buying some off the shelf better power supply. However, on budget equipment I am sure it can be a cost effective means of improving the sound.
Most high end companies have completely separate boxes for power supplies on their flagship products... for instance Audio Research Reference 10 preamp or phonostage.