I got AppleCare+ on a Day 1 AW4. The only time AC+ actually paid off for me for any Apple device ever.
The unit I got had a defective display with some broken pixels right out of the box. I'd have exchanged it at a store right away, but none of the stores were getting inventory and it looked like it might be weeks before they'd have any -- at which point the return/exchange window would have passed and it'd have to be replaced as a warranty defect, anyway.
I called and spoke with Apple, and they were able to do an advance replacement where they ship the replacement watch first, FedEx two-day, because I had AC+. It came from China just like launch day devices do. (The product was so new and inventory so constrained that there were no refurbs in circulation yet.)
Since then, I've had AC+ on a variety of devices, but more and more I stopped getting it. The "last nail in the coffin" for me was when they changed the accidental damage screen replacement program from 3 times max to "unlimited," but you no longer get to use discretion -- they decide if your damage is enough to let you pay to have it repaired. I had an iPhone that my spouse had scratched while traveling. I brought it in, expecting that I could pay the deductible and get the screen replaced, as it was accidental damage. The employee refused to do it. It was at that time that I learned about the policy change with AC+. Since then, I've refused to buy AC+. What good is it if you pay extra up front, are willing to pay the deductible for accidental damage, and then Apple keeps your money while refusing to perform the accidental damage repair in the first place? It's as scammy as all these other protection programs the carriers offer.
I'm still livid about wasting that money on AC+ to have them refuse accidental damage service when I was willing and able to pay the deductible, and I will probably never buy AC+ again after that experience.