To me, a "lab PSU" is a product advertised as a, wait for it, a "lab PSU". Not to sound stupid or anything, but really, what else would you use to categorize them? They have banana plugs. They try and achieve low noise. They output either voltage or current at a regulated limit (the fancy ones can do wattage too.)No, I have a couple of adjustable power supplies, but they are not lab quality instruments. Perhaps we are using the term differently.
Most of my projects are powered by phone chargers or 12-24V bricks.
That being said, "lab quality" depends on the lab. A lab at TSMC will need much better microscopes than a lab in the back of a doctor's office.
Personally, when choosing T&M equipment, I try and find the happy medium between price and performance. Typically, there's a curve you can see if you plot the various metrics and features with respect to price and you'll normally want to be at the "toe" or before the "toe" if you can.