Do you spend a lot of time in the water with your phone? I have always (and WILL always) treated my phones like electronic devices (i.e. not get it wet). If there were some sort of coverage through Apple it would be different but you're left high and dry if their proclaimed water resistance fails and I'd rather not take the risk.
Every now and then I am at a pool party and also have friends with a toddler, so one never knows what to expect, lol.
I have full comprehensive insurance that also covers liquid damage, but would prefer that I know my phone is always fine.
Off topic: I wrote the above response about 4-5hours ago on my XS Max with Tapatalk, forgot to hit Reply, went out to go watch a movie, had Apple Music playing in my car, did a bunch OG phone calls, browsed Instagram ,Twitter and Facebook quite a bit while waiting for my mate, posted an Insta Story, watched the movie (Doctor Sleep, very weird and interesting, give it a watch if you have watched the original The Shining) messaged on WhatsApp and then drove back home, discovered there’s power outages in our area, made a phone call, did more WhatsApp texts, more Instagram browsing, some Tweeting, some Safari web browsing etc... come back and BOOM the above is still sitting as I left it. This is on iOS 13.2, seems my multitasking is working fine until I bring in Youtube.