Yes and no. lol.
I've installed like a zillion home theaters over the years.  When I first joined ATOT way back when I was a wee lad back in college on a $7/hr budget, I posted a thread with a picture of my very first home theater.  I think it was like a 27" TV, an Oppo DVD player (the OG legit disc player, for those in the know!), and maybe a 2.1 speaker set.  That post got 
massively poo-poo'd on, but I loved my setup, got more of a budget & learned more over the years, and currently have a 135" acoustically-transparent screen with an LED projector, Atmos surround-sound, bass shakers, etc.  I've done $200 home theaters & I've done $10,000+ home theaters.  Do more expensive projector screens really make a difference? Welllll...maybe.  Haha!
You can get a great picture with just paint (good paint mix, applied properly, on a flat surface).  You can get a great picture with fabric.  You can get a really great picture with great fabric, a great projector, calibration, and a custom room design.  Is a 
really great theater worth it over a just a 
great theater?  Ehh...you run into the point of diminishing returns eventually.  Today's technology has advanced quite a bit & both the DIY screen community & the budget off-the-shelf suppliers have improved 
drastically.  I made a number of DIY ALR screens at one point, for example:
	
	
		
			
				
			
			
				
				Here are some photos of a 98" FolkArt Gunmetal Grey screen.   It looks pretty good in a non-ideal room with a lot of reflective and light-colored surfaces.    It works alright with a few lights on.    It can also perform decently during the day.    This used: $14 worth of matte poly  $10 worth...
				
					
						
							
						
					
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Spandex works great if you want to hide your speakers.  You can get a $30 projector screen & get really nice results; it's not rocket science.  There are nicer screens than others, but anything with a little bit of effort or money into it is really all you need tbh.  Projectors & speakers are the same way.  My go-to projector these days is the $900 XGIMI H3.  1,900 LED lumens, you can mount it on a side wall because it can shoot offset, super duper clear, bulb lasts 10+ years, etc.  The quality is just stupid good!  Not my video, but modern projectors look like LED TV's these days:
This is a setup we did at my buddy's office last year.  This was even before the wall got painted.  The picture doesn't do it justice; it's only HUGE (we shrunk it down a bit due to the emergency lights & outlets, haha), but the quality is 
outstanding!
