I think it matters a lot.
While I have not had a problem with an oil filter, I was hoisting a dinghy when a heavy duty stainless steel snap shackle broke and the dinghy crashed to deck. Luckily, no one got injured.
On inspection, the shackle which was labeled 301 and "Made in the USA", was a counterfeit chinese piece of junk - the inside looked like it was made of cheap iron.
And chinese made counterfeit products now show up in life-critical applications. For example, in aircraft spare parts.
Do you want to fly in a plane where the wing panels are fastened with bogus fasteners?
So quality matters.
Claus
S/V Alchemyst