My understanding is that the warranty automatically renews until apple puts it in vintage status (Typically 5 years after being replaced by a new model or discontinued.)
One thing I've noticed with my 2017 iMac is how low the apple trade in value is nowadays, due to the obsolete Intel processor. I can get $150 back for my $2500 iMac I purchased in 2018. I usually keep computers until the macOS isn't supported anymore, which is occurring with the next release, so I torn if I should cancel this year or keep is to simply keep this iMac to use in a bootcamp configuration, where the warranty will still repair/replace it should I have hardware or damage occur.
As an aside, my 5 year old got mad and threw an xbox controller at my 2022 $1600 samsung Q80 65" tv, even with Best Buy's warranty it wasn't covered as it was "intentional damage" from my 5 year old who doesn't really understand the consequences (so hard to argue about him being able to form intent)....... It's great that apple will cover that sort of damage when other warranties won't, so it may be worth it just for that piece of mind even if the intel computer is somewhat dated/obsolete.