I do think iCloud is underrated. I know in the past Apple has been criticised for services like the original Maps and MobileMe, but they are solid services that have improved over time and never let me down. The main issue is, I care less about hardware and operating systems than ever. I use macOS all day at work and use Windows in the evenings. I use iOS but would be perfectly happy on Android. Services are the most important thing, stuff like iCloud and Google are the things that are connecting all these devices together.
The issue with iCloud is that while some services like Apple Music are becoming more cross-platform and while iCloud Mail etc do use more open standards like IMAP, there are services like iCloud Photos and iCloud Drive etc that just are not available on Android or pretty lame implementations on Windows. Google Photos, Gmail, Google Docs, Chrome, Drive, work everywhere. Yeah, iCloud has some web versions, but they really are like a toy when you compare them to the apps and other web-based apps. Really, the only other company that offers like for like is Google and it is cross-platform, then if you decide to go Android then you do get Find My replacements and Family Sharing, screen time etc through Android and the Chrome browser, same thing through a Microsoft account.
Honestly, I have never used handoff that much between my Apple devices. Stuff like cloud tabs on Chrome and Spotify Connect (ironically even better than Apple Music) work great cross-platform. And then there is Apple One bundle. The only two Apple services I care for are maybe Apple Music and iCloud Drive, I really do not care for Arcade, News+, Fitness+ or TV+. If Apple is serious about services, beyond just linking their hardware together, they need to focus a lot more on cross platform with much better Android, Windows and web apps for all their services. I guess if they did that though they would become a bit looser on privacy, which they are essentially subsidising right now with hardware sales.