I think it depends how much the recipe calls for, if and if it's used as a major flavor enhancer or merely a hint of flavor. Brandy does not have the same flavor profile as most cognac so why not buy a small bottle of both ( they last forever).
There's a lot of brandy out there, and many whose flavor profiles closely parallel Cognac. Years ago I was steered toward the DeVille brand (made in France, but not in the Cognac region) by several French restaurant chefs. It still works. ;)
Yes, you can probably find Hennessey in the mini size. Although on a price point basis a half pint is probably a better value because you can consume what's left.
As per all the above answers, it's absolutely fine. Now if you really want to bust the budget substitute armagnac or calvados; the latter being great with apple flavors.
If you use a French or Spanish brandy, it should be very similar ti taste and texture to most Cognacs. I would hate to waste good Cognac for cooking. It's very pricy.
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