I thought it would be an essential feature for me, and it was a big factor in the decision to buy an iPhone 14PM.
If anything, it annoyed me. I am so used to associating the iPhone’s screen being on with a new notification that I kept looking at the phone being on thinking it was because there was a notification.
I’ve downgraded to a 15 regular and don’t miss Always On at all. I have it set to wake on pick up, and that’s essentially immediate. I can always tap the screen if I really want to see it.