My youngest son and I have been discussing this . I know in part it's been done to improve mileage by controlling resistance to air passing under your vehicle but besides being a pain every time you want to do your oil change is it really needed ? He has a 2018 F150 with the 3.5 and a Escape with the 2.0 and AWD .
Thoughts ?
It depends on the vehicle and what they are protecting, I have bought and worked on many vehicle that have had them removed and see all sorts of problems from doing it.
Some are.. Rotted transmission/PS and oil cooler lines, rotted starter terminals, badly rusted crank pulley bolts, corroded wiring connectors, perpetual squealing belts, corroded A/C clutches, corroded steering racks, all sorts of corrosion issues.
On one car I worked on the turbo was front mounted and took a cold water bath with every puddle, after 3 failed units the guy was beside himself, a $30 plastic shield missing was the problem, he figured he didn't need that and tossed it.
They are only plastic but deflect water from sensitive parts, it is not really as much about aerodynamics as it is corrosion protection on many vehicles. I always replace them and if missing install them.
They may also effect the cooling of the engine, again depending on where they are located.