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tldr; it’s basically Apple Arcade for any kind of app. $10/month for ad-free, nag-less apps, and no in-app purchases. E course, the selection is limited.
Personally, I don’t see it working. I don’t need that many apps. I don’t spend anywhere close to $10 every month for apps. I actively avoid subscriptions and in-app purchases anyway.
I used it for the mac. It was cheaper then buying each new version as a standalone of several software items i used. I can see it work for the iphone as well. You may not need that many apps, but if there are 3 or 4 apps someone uses regulary that are expensive to buy, it can be easier (and like i said, in some cases cheaper) to buy a subscription.