There is not end to the improvements you can make. They can be in small increments or big jumps. But it isn’t as simple as plunking money down. You have to have some knowledge of where you want to go and key variables in the components and system.
I recommend reading The Complete Guide to High End Audio by Robert Harley. That will help you with overall concepts and terminology.
Then seek out acoustic music events. I spent a lot of time listening to jazz in small venues and over ten years with season tickets seventh row center. This showed me what real music sounds like. Otherwise you can go off chasing detail and bass and easily loose the magic / music from your system... like fat and salt of junk food instead of deeply fulfilling foods.
Listening to acoustic venues is required because rock and other music is created electronically, mixed electronically in unknown venues... so there is no way to know what it should sound like. When live, it is being reproduced through all sorts of electronics and speakers.... too many variables.