I think there's a difference between better with respect to caps and such where that means more reliable, better measured specs, and such and between "exotic" devices that tend to get a following that in my opinion is far outside their actual performance differences, if any. This especially goes for the substitution of exotic devices into circuits designed with the specifications of more mundane components in mind. Particularly in speaker crossovers, a lot of people substitute high end film caps that don't have as much insertion loss, which tilts the frequency response by raising the output level of the drivers, usually tweeters. This will be described as "improvements in detail and air" and such, and after a while people will sometimes get tired of the new voicing of the speaker, and instead of saying I made it too bright, will say it's no suddenly revealing of all the deficiencies in my system. So they will go out and buy some overpriced wire that acts like a low pass filter, or turning down the treble, and claim that cable is superior. Yes, over the years I've gotten a tad cynical about such things. 😎
In a lot of older B&O the component choice was determined by what would fit into the cabinet, in addition to cost, and that led to some unfortunate choices, particularly as far as longevity is concerned. That said, in many cases small ceramic disk caps reek. I am far more familiar with speakers than electronics as far as design goes, having done the former and not really the latter. So, I guess the answer is it depends. I'd make substitutions of higher quality, more reliable devices before jumping on the exotic bandwagon, but in some cases such exchanges obviously can work. I know of a guy who does quite nice restorations of old HK gear and he upgrades the caps and resistors in critical paths to more reliable, modern ones with good sonic results. He isn't a big fan of truly exotic circuit redesign or swapping though.
It's a subject that can stimulate a lot of controversy in audio circles though, gives everyone something to argue about!