Not necesseraly. The most important thing - like he said in the video - is your ears, brain and how you have to use the gear. The better gear is the icing.
This.
Back in the days, when we ( my band ) started recording, we had a marshall amp TSL 2000, a marshall cab, PRS guitars and other expensiv stuff.
And you know what, our recordings sounded pretty shitty, i mean really shitty. And thats what he wants to say. You can get a good sounding record with
a small combo, when you know how to arrange the instruments in the mix.