When I was younger and Covid, etc was not a thing, I never did. I thought the way many of the "naysayers" have expressed.
Now, surveys show, travelers have much higher interest in buying travel protection. (thanks Covid!)
I'm among them.
I do book mainly highly refundable travel when I can, but the fact is there have been airlines, cruise lines, etc. who have left customers high and dry mid-trip. Covid has not helped with that.
With a few significant travel suppliers suddenly stopping operations for financial reasons, I always make sure it covers "financial default" of supplier. There are a lot of Crystal Cruise customers wishing they had it.
Also, as we have gotten older, medical evacuation becomes a concern.
The rest I don't care about too much, but we have made claims for long travel delays.

Find a travel advisor you trust or do the research yourself and think about what you most want to cover. That's the biggest thing--what do you want to protect against? I don't care about "cancel for any reason" as it is expensive and rarely covers it all anyway. But i do care about being medically evacuated, quarantined, or the supplier ceasing operations mid-trip.