My Nest Hello (Google's knockoff of the Ring) fits into my home security plan in a few ways.
1. It tells me who is at the door when I'm home and lets me see their face. If it's a good friend I can just tell them to let themselves in, if it's a marketer I can ignore it, etc. This is somewhat just convenience compared to a peephole.
2. It tells me who is at the door when I'm not home. I can let me friends know to come back, if it's a neighbor I can let them know I'll catch up with them later, etc.
3. It lets me keep an eye on packages when I'm traveling. I can ask whoever is house sitting to swing by if there's a buildup of them (which in turn hides that I'm away).
4. It lets me confirm that my pet sitter is indeed swinging by. Sure they could text me every time, but it's easy for people to forget that and it's a hassle for the sitter.
5. When things go wrong, it helps me identify the culprits and circulate those pictures. That may not do much in all circumstances, but at the very least it lets me pass on useful information to my neighbors.