My experience strongly suggests that "location" is the key operative, with stand alone identity, independent of lure quality (mediocre, or a great one - however that gradient is measured?) The greatest distance any given lure can be operative and effective is if a given animal's olfactory senses are within the boundary of detection, as the the intensity of the wind may influence its compass. Any sniffing organ has limits.
The "lure" component integrated into a set, no matter the status of its acclaimed virtues, is an aloof concept, and will live on in myth in the hearts and minds of many who put it on the pedestal reserved for magic - an illusion.
Any lure, bait or stinkum carefully applied at a set has merit. That is a given. However, think about this in terms of the set-lure/location quotient that may help to analyze an answer to your question. For example: A well made dirt hole for a canine of choice, will and can, function and produce without a speck of lure or bait when located within the perimeter of "location." That is a given, too.
So, with that said, your way of thinking may have just been stimulated. Others will provide different interpretations contrary to mine, but you will ultimately have to answer the question for yourself.