It’s all about your tolerance for risk. Statistically, you’re financially losing out. That’s why it’s a profitable product for Apple. If the majority of people were using the service and getting multiple repairs done, Apple would either raise the price of it or end it. The fact that they even widened the coverage for accidental damage could be another indicator.
If the peace of mind is worth it to you or you’re prone to dropping things, go for it. I get AppleCare on most of my Apple devices, but not on everything. It’s admittedly a very good service when you need it, especially with express replacements. My experience has been very positive with any issues I’ve ever had.
I am leaning towards not getting it on my new M1 MacBook though. At some point, you can come out ahead better by just saving up your own money to have a fund setup for repairs or purchases. That way, if you don’t end up needing it, you still get to keep your money. I just don’t drop my things very much. My Apple Watch and iPhone are more likely to get damaged because of how they are worn or carried.