There's many people at all level ranges. Both of the above arguments are correct. You can pay cash and get whatever you want in game instantly, or you can play normally and get it all through currency earned in game, with some time invested.
It's free, and it's a lot of fun, you should give it a whirl.
This was true until the last 2 mods. there was really no reason to buy anything other than cosmetic/convenience items which is how a cash shop should be ran, even though the cash shop for this game is ridiculous and seriously diminished the number of ppl who would fork over 2-3$ here and there for things since nothing is $2-3 dollars. everything is $10-60. it's about 10x as expensive as any other games cash shop for equivalent items.
with mod 4 they introduced artifact gear that you had to level with refinement points. This wasn't so bad initially (other than carpal tunnel inducing clicking, seriously about 3-4 hours of clicking in the UI per item) because it could easily be farmed by the legion of bots in the game and bought for peanuts. Mod 5 nerfed these drops to be bound on account, and then subsequently nerfed/banned all valid ways of farming these items yourself in a reasonable time frame, so that they could sell the RP for these items at around $700 per item from their cash shop. There was at the time I quit, 7 items per character so over 4k dollars per character to get best in slot gear. I'm sure the next mod will add even more artifact gear, in addition to doubling the amount of RP needed to max them ie $1400 per item, X items per character, you can do the math.
I've played since the beginning and took advantage of many of the lol economy and other "features" of the game, and as such was always AD wealthy. Had 4 characters full legendary and the rest full epic, all perfects, rank 8-10s on every character, etc. the p2w bs never really affected me because I was always ahead of the curve. but for a new character starting now? forget about it. unless you feel like dropping 10k on a "free 2 play" video game or wanna risk getting banned trying to farm RP in foundries. At the time I quit you could farm about 200k RP an hour in foundries using a death loop to get around the internal cooldown of the dragon hoard enchants, and they had just announced that was a bannable offense and that all players must settle with gaining 5k rp an hour instead or buyitnow from the cash shop. BTW you needed over 30mil rp to max a character then, with the new mod you will need over 60mil. That's 150-300 hours if you wanna risk banning or it's 6k-12k hours of "playing normally get and it all through normal play." Or, you can always whip out the CC and drop what is the equivalent of a down payment for a house or outright purchasing a used vehicle on it. Yes that's 250-500
daysplayed to max 1 character. Except they release a new mod every 4 months with massive nerf swings which either invalidates your character for a year or two until balance switches back to you, or it invalidates all the previous gear you've been refining all this time.