Prismacolors are genuinely better than mid-range stuff, but whether they're worth it depends on how serious you're getting. The main difference is the pigment quality and how smoothly they blend - Crayola to Prismacolor is a huge jump, and you'll notice it immediately in color vibrancy and blendability. The oil-based formula lets them layer way better without getting chalky or grabby on the paper. That said, they're not magic, and if you're still learning or experimenting, spending $80+ on a set might be overkill.
Here's the thing: you don't have to go all-in on a full Prismacolor set. Grab a smaller set or individual pencils in colors you actually use, or look at mid-range brands like Caran d'Ache Luminance or even Shuttle Art pencils first. Those will blow Crayola out of the water without the premium price tag, and you might find they're plenty good for what you're doing. If you fall in love with colored pencil work after using better quality stuff, then invest in the Prismacolors piece by piece. Your budget and skill level matter more than brand names - plenty of artists do amazing work without dropping hundreds on supplies.