I looked at it when I bought my first iphone a couple years ago, it was my first "expensive" phone and it was stressful, but the math is solid, even if you use the service once you're only breaking even, and even then you're getting a repair on a phone that has likely depreciated substantially (yes, even apple) so it's a $150 repair on a $400 phone with a worn battery, etc. At some point even if it's not utterly destroyed, it financially just doesn't make sense to throw more money into it. And this is with me buying a relatively expensive high-capacity model that is "more expensive to total", just wouldn't make sense on a base-tier model unless you routinely manhandle them into an early grave.

Haven't done the math on newer models (mine was a couple gens old, got it as an apple refurb) but it does look better for premium ipad models. $200 for the warranty and $49 service fee, vs $700 (!) for replacing an ipad pro 12.1" screen. If you've got a premium 12.1" pro with a TB of storage, that's easily a $1500 device and would be worth repairing and certainly worth taking out the warranty beforehand.

I originally got my (base-model) iPad for $229 back in 2018, and the screen itself is $249 to replace, vs $80 for applecare+ and $49 for the deductible... so you are coming out WAY ahead if you actually need to use it. I cracked a corner of the screen (took it out of the case ONE TIME and of course I drop it...) and it's basically totaled, it's more than I originally paid for it and only $50 short of a new base-model iPad if you get them on sale.

It's easy to be pessimistic, but show me any phone manufacturer that offers extended support past 3 years. Hell, even computers hardly will come with more than that as an option.