We have seen multiple software hacks resulting in >10 million dollar payouts. Apple's bug bounty program only pays out 4 million dollars (2 million dollars (2x) more than non-Lockdown) for a zero-click total compromise that can trivially worm to take down hundreds of millions of iPhones simultaneously. Even at the low end of that cyberattack payout range that is still a >2x ROI if your successful cyberattack depends on a iPhone zero-click, with many publicly known attacks being in the 10x ROI range. Lockdown mode, at best, raises the bar slightly for commercial profit-motivated attackers and reduces their profit margin from wildly profitable to slightly less, but still, wildly profitable.
And of course I am using the Apple bug bounty program as merely a available metric with at least some semblance of objective support. There are zero certifications, audits, or analysis that Apple has even attempted that would confirm any claim of protection against state level actors.