FWIW, I keep AppleCare + on any of my devices with a screen because repair of the screen is so dang costly. I've used it twice and it was worth its weight in gold.
The first time I dropped my iPad mini 6 on the bathroom tile and it happened to strike on a corner, shattering the screen. The mini was just out of warranty and I had forgotten I had put AppleCare + on it. Much to my delight I found I had, in fact, purchased AppleCare+, so I took it to the local Apple Authorized repair shop (nearest Apple Store Is 3 hours away), they sent it in to Apple and a day later I had a brand new iPad mini 6 for the cost of the $50 deductible.
The second time, FOUR days after it arrived, my dog scratched the bejeezus out of the screen on my brand new 11 inch M4 iPad Pro that I had stupidly left on the coffee table while I stepped to the other side of the room briefly. Ouch! I was worried that Apple would say the damage was only cosmetic (it wasn't) but I took it to the Apple Authorized repair shop. They took one look at it and ordered me a replacement. A day later I had a brand new 11 inch M4 iPad Pro for the $29 deductible cost.
Mind you, I'm usually quite a fanatic about my tech and most of the time when I trade it in on a new model, it's still in like-new condition. But **** happens, even to the most fastidious tech aficionado. YES, AppleCare + is worth keeping, especially on a device as expensive as as the M1 Max MBP.
