What do you need that much local storage for? Just curious...
Not OP, but I thought I'd be fine going 128GB last year and I've been handling a near-full phone these past few months - I'm pumped for 256GB this year.
The high storage phones to me are simple - you pretty much never have to worry about managing the storage over the entire life of the phone. My iMessage stored previous messages is 45GB alone, but this allows me to quickly look up past information or attachments anytime, instantly. I consider this a crucial function of messages - though they're apparently changing the way this works soon. I'm a cinematographer and photographer, so I often airdrop rough cuts of videos to my phone for reviewing and leave them on there throughout the rest of the project. 128GB this year has been enough for me to dump photos to using the SD adapter and airdrop a full year's worth of rough / final edits of jobs without deleting anything, although now I'm hitting a wall. For a content creator or someone who otherwise doesn't want to worry or be bothered with managing storage, losing your camera roll or archived messages, the high storage models are awesome.
I don't watch any shows or movies locally and have a ~5GB offline cache on Spotify, so almost zero of that type of content on my device.