A standard of low purity is worse than no standard at all, because low purity introduces a systematic error that is invisible without independent verification.
The response factor changes if the method changes — a different gradient time, a different temperature, a different column — so the standard must be run under the exact method conditions as the sample.
The ICH Q3A and Q3B thresholds for reporting, identification and qualification of impurities are the framework the pharmaceutical industry works to, and they are worth reading even though nothing in the research-grade supply chain is obliged to meet them, because they tell you which numbers a competent analyst would consider worth reporting at all.
The limitation is that a standard only establishes a baseline; it does not establish that your method is correct.
If you only pay for one test, pay for quantified content. Purity is the number everyone quotes and content is the number that changes what you do.