It's absolutely not for everyone, though it looks like some of the pre-built configs (NvChad, LaZyVim, etc.) are decent enough of the box now that you don't need to go on the endless-customization journey if you don't want to. To me though, that's the appeal: tinkering, tweaking, refining. Generally when people ask if they should use Vim, I tell them probably not but try it for a few weeks and see if it clicks in your brain. I had a great VSCode setup, everything worked great, I was productive, but something about Vim just made more sense to me once I got over the hump of modes and all the keymaps you need to turn into muscle memory.
Edit: I also like that I can do abominations like:
("def" @keyword (#set! conceal "ƒ"))
("if" @keyword (#set! conceal "?"))
("unless" @keyword (#set! conceal "¿"))
("else" @keyword (#set! conceal "∶"))
("elsif" @keyword (#set! conceal "⁇"))
("case" @keyword (#set! conceal "⟨?"))
("when" @keyword (#set! conceal "→"))
("begin" @keyword (#set! conceal "⌊"))
to make Ruby look absolutely insane. Is it useful? No. Do people hate it when I share my screen? Yes.