On average, people lose money on AppleCare. It’s like Vegas. You might win big, but most people don’t.
Generally yes, AC is merely an insurance policy -- and insurance typically makes money for the insurer.
Prior to ordering my 2018 MBP15 I've had five Mac computers, six+ ipads, numerous iphones, and various ipods over the years. Out of all of them one would have benefited from AppleCare -- HDD in a 2010 MBP13 died. Replaced it with a small SSD and the system is still going.
Still, I bought AC+ for my 2018 MBP. I don't entirely trust the keyboard is going to be issue-free. By adding AC+, I moved the warranty coverage from three years to five years (credit card 24mo extension), which is the majority of my planned ownership period.