As far as buying more Basses and Pedals than you need, Amps, recording equipment (although, you need some to record your progress), I look at it the same as how John said it above.
It is a 2nd hobby, similar, but much different to actually playing bass. As long as you don’t get jaded, and believe that a better (or more expensive) bass, and more pedals is going to make you a better bass player, you are fine to do what you want, and can afford comfortably.
But rest assured, that only practice with goals, and proper material / exercises / focus is the only way to learn, and excel to becoming a better bass player.
But, as long as you separate the two (except where they naturally overlap), then you are not doing anything wrong.
Some people collect instruments of all types, and don’t play one.
It is very good to point this out to new people, so they understand Need vs. perceived need, and both of those vs. WANT.
Plus, although it is fun, and you are technically learning (how to use effects, and what sounds you like), it is not considered bass practice.
Also
Side note: Using heavy effects can and will hide mistakes, and can slow your progress if you don’t work on proper technique, muting, fretting pressure, plucking location, etc… So, its fun to jam a song with distortion, and let it make you sound great, but IMO, you need to be able to play the song clean, with no effects in order to really be able to play the song.
And to that matter, bass doesn’t always sound great without the mix. Listen to many of the bass covers, against the bass ONLY covers from people like Cover Solutions. The song I first recorded, when I head the bass track, I thought it was garbage, but when I listened to the bass only track, most of the clackety clack, and string noise I had (you will almost always have some, especially with aggressive playing styles), were the same on the bass only track, so don’t get too discouraged, and keep expectations in line.