The short answer is no. Gear, be it cheap or expensive, doesn't make a song sound great or even decent. You can make fantastic songs with a $79 microphone, a $159 audio interface, some basic cables, a decent guitar, a decent bass, a $99 MIDI controller like the Akai mini 25 key and a decent drum program.
With skill and talent, you can make #1 hits with mediocre cheap gear. The gear isn't going to make you play guitar better or write a better song or arrange a better song.
These are the things that make a great song:
3.) Good performances whenrecording
4.) Song writing skills
5.) knowing how to arrange a song so it flows
6.) The basic understanding of music theory
7.) Proper recording techniques
8.) Proper mixing techniques
No where do I mention gear, as gear is just a tool, just like a hammer is a tool.Lets look at it in a different perspective.Lets say you get the most expensive hammer and give it to someone with no building skills and you give the cheapest hammer you can find to someone that has massive building skills. Who do you think will build a better chair or desk? Exactly, the person with the cheapest hammer but has more skills. The same exact thing goes for music production.
Another example to prove my point. One person is an artist and the other is just starting to learn how to paint.
You give 2 different people the same canvas and paint, but you give the most expensive paint brushes to the artist who is just starting to learn and you give the cheapest paint brushes to the trained artist with more skills and talent.
Who will paint a better painting? BINGO, the artist with the cheaper paint brushes, because he has more skills and talent.
So please do not think that buying that sexy shiny new piece of gear will automatically make your songs sound great. It wont. You will be better off learning and honing your craft.