Not at all, but if you're going to go the competition route and do it even semi-seriously, then yes you will need to spend big money, it's not a cheap sport to compete in. For example I have over $7500 wrapped up in my primary rifle and optic, as well as about the same amount into my secondary one, then there's probably another $5k in ancillary equipment. Then consider I've completely shot out 3 barrels already this year with over 5000 rounds down range between matches and practice in my bolt guns, and you'll see why I say what I do. Simply put, a Savage, RPR, etc won't ever hold up AND PERFORM to this level over much more than a season or 2 and your money is much better spent going for the best gear right out of the gate.
It all depends on what you're looking to do with LR shooting. Like I told the OP if it's just for your own enjoyment a factory rifle with sufficient glass to do what you want to do is more than enough, and there's no good reason to invest in second rig of the same class for doing that as a backup to save a trip to the range. It's too much investment for the return, unless you just have a penchant for having quantity over quality.
I just highly advise that for those looking to go down the competitive road, to skip the middle section of building up slowly, as it costs a hell of a lot more money in the long run. BTDT and nearly every person I know in the competitive side of this wishes someone would have told them this, or at least that they had listened when someone did.
I started out with a Trued up Rem 700 with a good barrel in an AI Chassis with a Vortex Razor Gen1 on it, That rifle cost me roughly $4k to put together. It did just fine, was not a limitation on my learning curve etc, then I built a second rifle on another trued up 700 but with a few more upgrades and that cost about the same amount as the first plus about $800, but had a different chassis and scope and chambered in a different cartridge. Then I sold the first one and finally built one on a custom action for my primary rifle, then upgraded glass to a top tier scope, and then built a 223 trainer, then sold the second 700 and built another rifle on another custom action, and bought another top tier scope. Through the long line up upgrading and selling, I've lost enough $ on rifles/parts/gear, that I could have paid for one of the 2 custom built rifles or one of the scopes I now own free and clear.
OR and here's the big one, that could have paid for another barrel, and all the ammo through it that would have made me a better shooter. Long story short, buy once, cry once if you have any plans whatsoever of shooting Long Range competitively.
Can you go shoot local matches, have a good time at the range, etc without taking out a second mortgage? Absolutely, and for doing that a stock 700, RPR, Savage 10 or 12 LRP is more than enough. But like I said, it all depends on what you really want to do and how far down the rabbit hole you are wanting/willing to go.