The way I see it there are three categories of instruments:
1) Entry level.
2) A good value tool to provide the results you are looking for. Schecter, Epiphone, some others.
3) Vintage collectible. Most likely to hold or increase in value. Mods may decrease value.
If you can afford to go beyond entry level do it. Entry level is annoying. You spend too much time tuning, upgrading and trying to get a better sound out of something that wasn't designed for it. I'm an active bass player, about 6 to 12 small to med gigs per year for the past 35 years. I always look for number 2. A good value tool that will play and sound the way I want. I was playing a Ibanez SR-885 for 30 years and had a Schecter Damien-4 for a backup. Last year I bought a 2019 Geddy Lee Fender Jazz MIM. I absolutely love it! You can get that mid growl when you dig in. I would advise the same for amps and processing gear. Go for good quality and value. It's worth it.
I also spend significant money on other instruments that (like you) I question weather I can justify it because I'm not a gigging guitarist, drummer, keyboard player. Guitar: Schecter Banshee with Line-6 floor POD. Love it. Now my squire sees 100% closet time. I have no use for it. Drums: Roland TD-30 VDrums. Love these big time! I can play in the basement at 2:00am through headphones without bothering anyone. They sound great for playing and recording. Keyboards: Behringer Deepmind 1200. Love this as it can get just about any sound you can think of for a reasonable price. Recording: Focusrite Saffire Pro 40, Presonus Eros 8's with sub, and KRK Rockit 5's and whatever mics, cords, snakes are needed. I also own the main mixer and processing gear for my band, 16ch Allen and Heath.
I have no regrets with any of these purchases. I don't have a boat, Harley, muscle car or play golf. Don't care to travel much. This is my one expensive hobby and I enjoy it fully. I wrote and recorded a few solo originals about 15 years ago, (
www.johnband.com) and looking to get back into writing/recording soon. Honestly if I add up the meager amount we've made from gigs over the years my hobby has probably paid for itself. Most other expensive hobbies don't do that. Except maybe hunting or fishing. Not my thing.
Buy the bass and enjoy it. I also highly recommend one of the Tech21 amp modeling pedals. Great sound and totally worth it. Have fun!