For me... when it comes to belts and hoses, it's Gates, period! As for high-end racing belts on a Volvo, that's just silly. But no, I am not saying there is anything wrong with you if you want to do that, but just using the standard "Gates Power Grip Belts" timing belt / drive belt, will perform as well as any oe boxed / bagged belt. But always remember this... where you buy a critical part is just as important as the critical part you are wanting to buy. And that's simply because a gates belt maybe bought through a ebay seller or some other shady vendor will not allows be a real gates belt. And that goes for just about any part you buy, which simply means... if you didn't buy it through a manufactures approved distributor you may not be really buying the part you think you are.
As for other other parts, Volvo like any other car manufacturer has everything in there vehicles manufactured by some other company, so you can always find a blue box part made by the OE manufacturer for far less than any blue box pricing. Now as for me, I most times stay with OE parts, but sometimes I use aftermarket parts, and that's not always because of pricing, because most of the time when I do decide to use an aftermarket part it's simply because I know it will last much longer than the OE / OEM or the blue box part. For example... on my 11 xc70, when it was under warranty I had a bunch of trouble with the entire A/C system, 3 condensers, 2 evaporators, and 2 hoses let go in a little over 3 years. So when the warranty went out and condenser failed again, I changed everything over to spectra because I also have an 07 xc70 that has all spectra a/c components with 500,000+ plus miles on them without any troubles, and all my heating components on that car are spectra too. And that's because the Volvo radiator failed @ 150,000 miles and the heater core failed at 172,000 miles. The replacement spectra radiator has a little over 350,000 miles, and heater core has over 300,00 miles and they both work great, only thing I have changed is the heating core orings 3 times, and the transmission cooler orings on the radiator 2 times. So I guess I am saying, sometimes it's important to stay with OE, but then sometimes aftermarket is far superior to even the many reversions that Volvo has made to a certain part.
I will give you one more example, a few years ago I was dealing with front wheel hub troubles... the Volvo blue box, and the OE *** hubs were failing left and right on both sides. I couldn't get more than 30,000 miles before they started making noise and vibrating. Now you might say, there must have been something wrong with some other front suspension or steering component, but there wasn't. Anyway... I had my car into the dealer for a software download evap pump circuit high, due to component age, so when I was there I was telling this older service tech about my troubles, and he said for some reason the new revised Volvo wheel hub assembles for my car are just not made as well as older versions, so he told me to try using "FLENNOR" wheel hub assembles as they have stronger, extremely hard bearing races, 200,000 miles later, those same "FLENNOR(s)" are still on that xc70 of mine, and they are still super smooth... now all my xc70(s), and I have (3) of them, ride "FLENNOR" wheel hub, with no troubles... Note the "FLENNOR(s)" are not made for Volvo(s), Fords only, but they are a direct fit for all my xc70(s)...