No and yes, spending a lot of money on a single movie doesn't necessarily mean it would become a great movie in the end. But it certainly does help if you want to make better movie.
Because with more budget, for example, you can allocate it more into the script writing, or into the visual aspect of the movie itself such as upgrading the CGI or animation quality, which i believe will surely get more appreciation from the viewers.
Other than that, in my opinion, the most important thing in a making of good movie were actually the actors and actresses. After all you can't get a good scene without great actings from them. A mediocre visual quality will get oversight if the acting of the actors was actually good. Because with good acting, you will get a better picture capturing the raw human emotions rather than just focusing on artificial construct.
That's what a good acting and a bad acting can do to a movie. You can feel the emotions and it can make you feels like you're actually in the movie itself, this makes us feels connected to the movie, more focused into the movie. Combined with a great story telling, in an extreme, you can make even a black and white movie looks amazing. We have some old movies that are considered one of the best movies of all time even by present day standard, such as "The Godfather Series", The Green Mile", "Shawshank Redemption", etc.
Back in the day they didn't have the luxury of using AI visual animation or modern CGI for their movies but what made their movies were so loved by many people is actually the story telling and the performances of the actors and actresses themselves.
I would also consider marketing of the movie itself as one of important aspects that contributes to the success of a movie. For example, the movie "Despicable Me" and "Minions Series" probably don't have lot of story line going on in their movie, you can even say the stories are predictable and don't have much improvement from the last one. But because of their marketing they can always be a succesful movie, judging by their box office premiere and profit. Examples of their marketing consists of collaborating with food franchises such as McDonald's and others to make merchandise, or ads that's targeted towards the children to attract their interest to watch the movie. It may be seems like a simple strategy but it works because by doing so, they can keep reminding us about the movie's existence, and actually attract us to watch their movies.