There's nothing about Meow Mix to recommend, it is unfortunately an extremely low quality kibble. However, if it's all you can swing finance-wise, it does keep your cat alive.
Is there any way you can manage to get the bags of Costco kibble or Chicken Soup for the Cat kibble? I don't know their price in comparison to Purnia per bag (they can come in very large bags, which will save you money if you buy in bulk) but they are leagues above anything by Purnia or Meow Mix and are better dry food at a lower cost.
I'd be concerned about trying Meow Mix as the cat may not want anything else after eating it. If one day you want to feed a better brand, you may be unable to. My mother has fed Meow Mix to her cat for 14 years, the problem is that she has tried over the years to switch to other better brands and the cat will not switch; we always ended up with bags of kibble from her. Basically, her cat was stuck on wanting the bottom of the barrel food. She then tried switching to some wet food instead and even then the cat was super picky about it, but after trying tons of brands and flavors she's managed to find a few Wellness brands that her cat will eat. My cat Blaze also ate Meow Mix fairly often (we just bought whatever was cheapest and that was usually it) although he wasn't as fussy in switching brands as my mother's cat. When we went to other brands he mostly would eat them though we could tell he really wanted Meow Mix more than some of them. Ultimately we were able to find a better kibble (Now) which he really loves.