I signed up because it seemed like a potentially useful benefit and ~$9/paycheck was a tiny enough cost to impulse check that box without much thought.
It's turned out to be one of my favorite, most used company benefits. Both companies have carved out different services the plan covers, but in general it has covered every instance I've ever needed to leverage a lawyer for personal needs. And removes the impetus of having to find/vet/pay a lawyer for smaller work like reviewing and drafting legal documents that I otherwise would have done myself and hoped I covered everything well enough.
It gives you the benefit of the second scenario, without the unpredictable costs of retaining a lawyer directly. If your work offers it, I highly recommend getting it.