TLDR: I love apple. ”Hardware failure” is not a valid excuse for a top tier laptop. I was charged $730. My credit card company is likely going to refund me the amount. THANK YOU!!!!
I'm glad this worked out for you OK in the end. But it must still leave a bad taste in the mouth, and that bad taste is entirely Apple's fault.
Some of the advice here has been less than helpful: sure, hardware failure happens, but in previous decades computers were far more modular and repairable. Because Apple has led the whole thing of soldering RAM and CPU onto motherboards, and using glue and special screws, this has encouraged other manufacturers to do the same, leading to the ever-rising mountain of unnecessary e-waste. Since a $5 part can't be replaced easily, a $700 logic board replacement is necessary. This is madness.
Listen, we all have anecdotes. I've been using Macs since the G4 PowerBook, with Airs and Pros afterwards. My work bought me a 2015 MacBook Pro, which came with AppleCare, and I had to send it in three times to get repaired. My main laptop now is a 2019 16" MBP and (touch wood) no problems as yet. But yes, work paid for it and the AppleCare. Frankly, if I were buying one with my own money I would definitely get AC. It is super-annoying, but I don't think QC has been great for several years now, and as others have said, has got worse with the pandemic. And because the MBP 16 is so badly thermally engineered in the first place, and I sometimes play games on this thing, it's just a matter of time before failure happens.
The answer? M1 and M1X machines may have better longevity, because of lower thermal problems, they're even worse in terms of the RAM being part of the SOC. And QC remains an issue. But I have tried other manufacturers' machines and have deep suspicions over the Surface Pro line and the XPS line too. Maybe my next laptop will be a ThinkPad or a Framework. Seriously, the repairability is such an issue here, and we should not have to be nervous when paying $2400+ for a laptop.