Yes, but that's a statement on the distinction between (certain types of) red and white wines, not on the distinction between cheap and (worthwhile) expensive wines.

It's sort of like saying that because you can install Windows on a Mac, there's no difference between an Inspiron and a MacBook Pro.

Students, not professional tasters. "The wine comparison test was carried out by 54 undergraduates from the Faculty of Oenology of the University of Bordeaux."

http://www.daysyn.com/Morrot.pdf

Wine students. I'd expect them to know a lot more about wine than most people.

The wine's colour is part of the experience of drinking wine and affects the perceived flavour. They probably wouldn't have been fooled so easily if they were blindfolded.

Knowing a wine's price also affect its perceived flavour: https://www.gsb.stanford.edu/insights/baba-shiv-how-wines-pr...