I've had cheap and expensive ones. I often used the Fram PH2, PH3 and PH4 inline filters. Those are about $3.99 and work great, but must be changed yearly.
I've never gotten any water in the bottom of my Racor, (or knock-off) but a friend had a lot of water in his almost every time he went out.
It turned out, his fill cap O-ring was missing, and water went into his tank every time it rained or got splashed, so the separator was worth it's weight in gold until I figured it out for him.
Try to use your fuel regularly. It will separate in humid environments if not sealed carefully, as the Ethanol is hydroscopic. It pulls water from the air.
There is a YouTube video to demonstrate. A mason jar is half filled with fresh E10 and is set in front of a fan on a hot summer day. After a while they go back to the jar, and it has a layer of water on the bottom. It pulled it right out of the air. So storing in airtight containers and using Stabil or Startron ethanol blends is very helpful.