Eh, not really. I don't think any form of electronics is recyclable, best you probably get is third world countries burning the boards to get the gold out and killing themselves with the gases produced.

I said (and stressed) "hopefully" - I understand it's not mostly the case presently.

The raw material is worthless. It's the processing that is expensive.

Well some of it can be recycled, like rare metals, but you are right that the majority of the value is in the combination of those raw materials, rather than the materials themselves.

And of course as technology advances, both actual composition and what can and cannot be usefully recycled will change.