what to do with a water damaged iPhone 6

Hi, my little boy helpfully took my phone for a dip, it was in the water for an hour or so before it was found. I placed it in rice over night but it seems to be a gonner and won't turn on at all.

Its now been sat in a drawer for about a month now, redundant and Im wondering what can be done with it? The case and screen are in fairly good condition. I called apple to see if they could suggest any decent options and they said it would be sent in for repair and it would cost up to £270. The phone isn't worth that much any more so if that was the case it wouldn't be worthwhile. If it was less it may be worth considering as it has more capacity than my replacement, kindly given to me by a family member.

Has anyone successfully had a water damaged phone repaired? Did it work ok afterwards?

Are there any other options? I heard a rumour that apple offer gift cards in exchange or could it be sold for spares and repairs? would there be any way of clearing data before selling for spare parts?

Are there any other options worth considering?

If none of the above work, is there a way of recycling the handset?

thanks