I theoretically "lose" that much height but gain a) zero notch b) non-rounded top corners and c) a traditionally heighted menubar instead of the giant one that is so big only to cater for the notch.
+ I thought this was thanks to BetterDisplay but it turns out no third party tool is needed and it's all first party probably because someone at Apple is as annoyed by the notch as I was and so that's their solution.
My only hope at this point is it gets _so_ bad it becomes an absolute meme and they get around to fixing it.
I do think we benefit from competition. I also have a Moto Droid and it was OK, but there was some janky UI. And the noises... talk about infuriating. The phone was always making noises with no indication as to WTF was making them or what they meant.