As long as most of your drive cycle fits within the EV range of the plugin hybrid, they are cheaper to operate than a regular hybrid. The crossover point depends on the drive cycle and the cost of electricity vs gasoline.
I had a plug-in hybrid SUV that got 2.2miles/kWh in EV mode, which covered 75% of the miles I drove. The net savings were significant vs an equivalent plain hybrid SUV in my area, which would get basically the same gasoline miles/gal.
A 2023 Mitsubishi Outlander PHEV (38 miles EV range) costs less than a 2023 Toyota Highlander Hybrid with the same mileage on the odometer, and far less than Land Rover or other luxury SUV brands.
I bought my Outlander used - also was a great deal.
The real way dumb money loses is by buying new cars, not by choosing an electric drivetrain.
PHEVs have battery management systems and buffer capacity to protect the battery just like pure EVs. For many, at extremely high power demand, they switch to the gass engine anyways, so if anything the batteries are less stressed.
For three years my plug-in hybrid let me commute 50 miles daily on next to no gasoline.
I drive a plain ICE engine, but I plan for my next car to be a full EV for the reasons you state, plus the savings on gas for all miles driven (and I have driven 30k miles in the past year).