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As an avid cyclist, I often sometimes bike indoors because it's easier to get the workout I want with exact wattages and intervals. A wahoo kickr or other direct drive unit + zwift/trainerroad/whatever.

Don't think Apple will compete with any of those soon.

You're right.

It's the portability of being able to use Fitness+ cycle instructors on any stationary bike not just a Peloton that I think provides the most value.

When things get back to normal, you can have the instructor guide you through a workout at a hotel gym or any gym anywhere with a stationary bike.

Think slush and wind.

And wildfires.