I've spent quite a bit of time trying, buying, and selling amps, pedals, basses, cabinets trying to get the right sound. It took a lot of time, reading, trying out different gear, and experimenting. Did I spend lots of money... yes. Did it take away from practice time... yes. But as a result I've developed a much better ear for such things and have gotten to a point where instead of using all sorts of equipment to sound how I want I can just change my playing or make subtle eq tweaks, often on the bass. While my chops aren't as good as they could be I still think it was a valuable part of progressing as a musician. So for that reason I feel it was time and money week spent.
That said, a bassist does not live by tone alone. It doesn't natter how good your setup is dialed in... the wrong notes at the wrong time still sounds bad.