The quality degrading is not something you will see, as it's a digital protocol.
"Audiophile grade" HDMI cables are likely to just be a Shenzhen bargain-bin special with some fancy looking sheathing and connectors. I would trust them less than an Amazon Basics cable.
For home use that doesn't matter usually, but I for example run events where I need the cable to work also after 10 people stepped on it and then this can become a significant thing.
Not in terms of quality, but reliability.
If you send bits across a line fast enough you're grtting into the territory of RF electronics, with wrong connector or conductor geometry you will get echos on the line and all kind of signal loss. A good digital protocol should keep this at bay with error correction and similar mechanisms, but if you want to know what the good cable is on a better than binary scale of works/does not, you need to look at these things.
This is a big part of what makes any pro gear expensive: reliability. If you just connect your home hifi to your speakers in an acoustically untreated space, you could also just use a bunch of steel wire coathangers and get an indistinguishable result. Even a el-cheapo store brand music shop cable will do the trick for years if you don't habitually change your setup four times a week (most people don't).
But if you need reliability and predictability in a studio or live context giving a damn about cable quality is mandatory since a broken cable in the wrong place can ruin your day and reputation. But it is an absolute myth that they will affect the sound in any meaningful way.
Exeption: guitar cables. The capacitance of guitar cables can shift the resonance frequency of the pickup up or down leading to audibly different results. But that id no magic either, you could just take a low capacitance cable and add in arbitrary capacitor for 10 cents as needed.