Is the Peloton Bike worth it over a cheaper bike plus the Peloton app?

Reviewers are split. Mainstream cycling press praise the hardware build, integrated screen, and class production. But long-running owner threads flag the mandatory $49.99/mo membership, aging hardware on older units, and the fact that a Schwinn IC4 or similar paired with the Peloton app on a tablet delivers most of the class experience for far less money.