I have the Nest doorbell which is essentially the same thing...
It's very similar, but not the same. The Nest doorbell (I have friends who have these) is able to use facial recognition to identify WHO is at your door. The Ring (at least, the ones I have) have "person detection", designed to only make motion alerts when people are identified in frame, but they do not attempt identification. Ring's person detection adds a delay (about 10-15 seconds) to your motion notifications.
As of late last year, I got the Ring alarm (with contact, motion, smoke/co and flood/freeze sensors), plus three cameras.
I have a Ring Pro (original) on my front door, a Ring Wired (the new $60 smaller camera that cannot ring a door bell), on a gate post outdoors (I hid the wiring inside the PVC fence rail), and a Ring Floodlight (wired) on my driveway.
For those who have the alarm and floodlight cam, there's a new ability (only in the past few months) to have the alarm trigger the floodlight's internal siren.
...I opted for this one. Didn't feel like paying a monthly fee.
That's a fair use case. For my part, the whole package was what made it worthwhile. The Ring Protect Plus plan, which covers the alarm and as many cameras as I want, ran me $100 for a year. I got a $103 refund check from my insurance company for the alarm. So, my cameras cost me no monthly fees. I do still pay $80/year in police/fire alarm permits.