There are some long and very informative forum threads on this topic, but search only turned up this one. It's a question we hear a lot, and the answer is, 'it depends'. Mostly it depends on your market, which used to mean your location, but since the internet, we're all local musicians. Given a decent broadband connection, an appropriate space, a few mics, some engineering chops and a recording interface that works with their phone or laptop, just about anybody can learn to track themselves and their instrument at a level acceptable for broadcast.
Needless to say, in such an environment, the bottom feeders are ascendant, and even the majors have cut back on session recording budgets. It's hard out here, fo' a pimp, these days. Guitarists in particular are a dime per dozen, and there are some that'll do 2-3 takes of a single part for as little as $15 a pop. OTOH, those folks are not the ones maintaining an entire stable of instruments, mics, effects and amplifiers, with the ability to cover nearly any style and genre with excellent communication skills and customer service and a friendly turnaround time. Those people earn a smidge more, cuz they're worth it. I can't say for certain, but I'd bet you can get Larry Carlton for about $1k/hr; Carl Verhayen, even cheaper. Actual rates for Hollywood hotshots are here:
https://afm47.org/search.php Bear in mind, there's a three-hour minimum and cartage/transportation fees.
One of the cooler developments in this brave new landscape is that there are prefab websites where remote session collaborators and clients can find each other, with quotes and rates and work samples and whatnot.
https://soundbetter.com/
https://www.airgigs.com/
Caveat; if you choose to work with Union musicians, you
must pay the master rate in order to exploit any product, and
in every case, you must obtain a Work For Hire Agreement.
* EDIT I should amend that last bit, because you don't need a WFH, if the song will be re-recorded; it's just that in today's fast-paced environment, production schedules might not allow for re-recording. It's best if your track is free, clear and ready to license, and you alone are in charge of that decision.