> The concept is that, if you do needed things earlier in a product cycle, it will end up reducing your expense and time in the long run, even if it seems like it's taking longer for you to "get somewhere" earlier on.

Isn't ignoring the early steps that could save time later also known as false economy?

https://en.wikipedia.org/wiki/False_economy

Ignoring earlier steps is the basis of Agile.

It's only a false economy if they are the correct steps. If it turns out that they are wrong, it's a very real one.