I have used Noctua fans in computers where they worked for a decade or so, even 24x7, until an upgrade or replacement of the computer was required by other reasons than because of the fans.
I have also had many problems caused by cheaper fans.
So now I always prefer to use rather expensive fans and power supplies, from brands with which I have accumulated many years of experience, for peace of mind.
Perhaps other brands of fans that nowadays give similar results in benchmarks also have similar reliability, but I am not willing to bet on it.
But my Arctics that was installed in the same case that ran for the same amount of time are still chugging along strong, and those are about as cheap as fans get. Different load/use case though so it's probably not a fair comparison.
These days, I really think the competition has caught up or passed Noctua.
But yes, sometimes up to 5x more than the comparative Arctic in common size categories where it basically trades blows for most metrics that matter. Arctic is seriously unbeatable in value:performance if you just need a basic fan without other QoL or aesthetic features.
120mm is the most competitive category, and it's the most obvious category how Noctua can't keep up with the faster iterating/innovating competition.
In general, yes, Noctua is overpriced and Arctic is an incredible value, but when you want to optimize your silence/performance ratio, it's still Noctua, BeQuiet or (sometimes) Thermalright.