It’s an insurance. The business model of an insurance always needs to work with a tendency towards "the house wins", at least for the big picture - that's the nature of an insurance, otherwise its commercial model just wouldn't work. If you protect a lot of your Apple devices - like we do - and you're not one of the unlucky persons who kind of drop all their stuff all the time, then over time you pay more than you receive. Not much more, but at least a little.
What makes it worth it either way in my opinion is how things are handeled if anything occurs - the consequences (in terms of money loss and being without your devices for certain time periods) are in that case just much easier to bear and there is just not so much hassle.
So more on the 'peace of mind' side - it's a convenience product from my point of view. You have to decide if it's worth it for you.