If you plan to stick with Verizon it isn't a bad deal. You aren't locked into anything, you just have to pay for the remainder of the phone if you leave (Not really any different than paying cash). For what we need around here Verizon is the best option and not really anymore expensive than anyone else.
But you can get a Visible plan (Verizon's captive MVNO) for $25 or $45/month depending on the bells and whistles you need.
If you own an unlocked phone, it literally unlocks the world of MVNO providers for less than the MNOs charge.
If what you want is some quantity of data from say 10gb/month to relatively unlimited and are not harmed by deprioritization by the MNO, you can get service for 1/3rd to 1/2 of what a MNO charges.
The average data usage in the US is under 20GB/month.
Once I'm done with my free trials, and I've been on Mint for 6 weeks and am in the 2nd week of Visible, I plan to go with a 20gb plan with Mint for I think $20 or $25/month and the Visible $25/month unlimited.
So, for $45-50, I'll have two carriers.
We get AT&T Unlimited Starter for $45/month as a veteran, but could probably switch to Cricket for my wife's phone to get that down to the $30/month range. Another $25/month for Visible and she too has two carriers, just in case.
Verizon seems to have more of the nation covered, but not as much 5G compared to other carriers. Sure, they tout their fasted 5G offering, but it's not wide spread.
TMO seems to have the best speeds when I can get it, as they have the most extensive 5g network. But they have the least coverage.
I think I have my bases covered as best as I can with a combination of TMO and VZN MVNOs on my phone.
The iPhone will do automatic data switching, so it will choose from the data networks available to send and receive your data.