TW ... for those high-end clubs, my experience is that rich people aren't good at golf and don't hit many range balls. There are people who practice a ton and range rats, but those are places like my old club that have a lot of low handicap players and aren't as necessarily able to join the really high end clubs with the crazy opulent ranges.
TD ... one of my childhood friends loved golf and always wanted to own a course. He was a pretty bight guy. I saw him years later and asked him if he bought a course or developed one (his family was wealthy and in real estate)... he said that he didn't like losing money and bought a driving range (and self-storage facilities) instead and was very glad he never bought a course.
At the end of the day, grass, decent balls, and targets are all you need.
Although, if another member paid for everything, I'd happily play at a range that had a launch monitor, greens that look like real greens, different angles and wind direction, a variety of lies, balls that I play, etc. The course still matters far more than the range though to me.