Do they always miss it, or is it that they are aware, but disagree on the cost-benefit of hiring experienced engineers?

This is contextual on a number of factors. It seems difficult to establish in the general case.

I've never seen evidence that companies value experience. They hire outside CEOs instead of developing and promoting from within. They move managers to new rolls all the time, and thus everyone needs to learn how to manage a new boss. My local school district did the same when the superintendent retired - found a small local school district and hired their superintendent away instead of using what should have been a pool of assistants who already have experience in local problems.

I'm not sure if it matters or not in management. I believe it does in engineering.