From ancient personal experience, needing a label or money is kind of a myth and kind of isnt both at the same time.
I mean, if you’re a lone artist a DAW, interface, etc isnt dirt cheap, but can be done on a months wages. If you’re a band, hiring a studio is still (thank fuck) an option - they tend to have all the tools, you just have to make sure you’re all prepared, practised, etc. A u87 ai mic is about £3k here. Or hire a studio with one for £1k for a few hours time.
There used to be a really lovely studio in Portsmouth (in the UK) where the guy would record blues and folk artists with his wife helping. Lots of labels went through there. He had a nice 6 foot grand and some old Fender tweeds.