Yes. You can expect your lipstick, eyeliner, mascara, foundation, and so on to last just as long as more expensive brands. Obviously, you should replace budget and high-end brands regularly based on expert recommendations, such as always replacing your mascara every three months to reduce harmful bacteria near your eye.
As far as wear, budget brands usually wear just as long. Of course, how long the product wears before fading depends on what the packaging says and your own skin type. Also, make sure to keep your makeup brushes clean to help your makeup last longer.