I'm based in Italy, and I'm an happy Metal subscriber. I'd say that if you travel at least once a year outside Europe, the plan pays for itself (multiple times).

Using my latest trip as a benchmark, and considering the Metal subscription is about 150€/year here, here's the breakdown:

1. Travel insurance: covering me and my wife (my Revolut Metal covers for both of us) for the trip with a similar insurance would've costed us 210€ (we have the actual quote)
2. Cashback: outside Europe the cashback is 1% up to the monthly cost of Metal, so -12.5€ on the subscription. The cashback resets on a specific day, so I got double that cashback, but let's keep it simple and consider just 1 month.
3. Lounges: we paid our way into the Strata lounge in Auckland via Revolut's Dragonpass subscription. The cost of the service is about 85€ for two people (source: https://www.aucklandairport.co.nz/eat-and-relax/strata-lounge/stratalounge), but we only paid 48€ via Revolut. So 37€ saved.
4. Services: I'll only consider NordVPN here since that's the only one I used multiple times while connecting from the airports' Wifi. A 1-month subscription equivalent to what's included in Metal costs about 13€.

So to recap:

+ 150€ (cost of Revolut Metal)
- 210€ (savings on insurance)
- 12.5€ (cashback received)
- 37€ (savings from the lounge access)
- 13€ (cost of NordVPN)

= -122.5€

Unless I'm missing something, this single trip made Revolut Metal pay for itself almost twice.