i wouild like to understand the value of iCloud with 50 GB of Storage i am paying for?

If you want to use iCloud for backups of iPhones and/or iPads ( How to back up your iPhone or iPad with iCloud - Apple Support ) and/or you want to use iCloud for syncing photos, files and other data (e.g., Set up and use iCloud Photos - Apple Support , Access and manage your files in iCloud Drive - Apple Support , etc.) and if you need more than the free 5GB of iCloud space, then you would need an upgraded storage plan.

Other benefits of the 50GB plan are shown below from Upgrade to iCloud+ - Apple Support

iCloud+ with 50GB storage

• 50GB of storage
• iCloud Private Relay
• Hide My Email
• Custom Email Domain
• HomeKit Secure Video support for one camera

Share everything with up to five other family members.

If you aren't sure how much storage you are currently using, see instructions in Manage your iCloud storage - Apple Support