For me “too much” was a long time ago. The price of graphics cards went insane at some point and it stopped being worth it. The last time I bought a graphics card new was in 2009 and that cost me, adjusted for inflation, £220 (Why do I still have the receipt..?). It was an nVidia GTX 260 and at the time was a fairly decent midrange card. Looking at graphics card pricing now, uh, nope, that wouldn’t buy me anything comparable - it looks like we’re talking ~£380 for midrange stuff, so a ~70% increase in price.
Whilst obviously the hardware is a lot more capable now than it was then, the amount of enjoyment I get out of gaming hasn’t gone up. If anything I enjoy gaming less now than I did then, although that’s more due to me getting older.
I’m constantly baffled as to how anyone can justify the cost of a decent gaming PC these days.