I use cheap PVA glue in some situations. It's great for sealing the ends of green timber to prevent splits when drying. I also use it for non-critical glue jobs in situations where the item will never get damp.
However, I have found is that some cheap PVA glues go mouldy in storage (yuk!). I had one 5 litre container (an "own-brand" from a DIY store) from which I'd poured out about 1 litre into a smaller container and then left the 5 litre container for a month or so indoors, with the top sealed one summer. When I went to use it a layer of green mould (like you get on home-made jam) had grown over the surface of the glue. I am fairly certain I did not contaminate the main body of the glue when pouring out the first litre to use, but I didn't buy that brand again.
For critical or important jobs I now use Titebond III glue.
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