Slow? What and how often of your workload would reach quarter of that speed consistently?
You could have a PCIe 7.0 SSD with 32GB/s bandwidth but it'll never reach the 10us latency that this is able to give you. Your fancy schmancy 10GB/s NVMe SSD is essentially 10x the latency.
Latency = benefits every workload, and without needing buffers, or caching of any sort. Fast the first time.
Bandwidth = You need parallelism to reach max bandwidth meaning enough chips in parallel + certain workload size + certain CPU threads running. You could have 1TB/s bandwidth, but it won't help you in responsiveness over a drive that delivers only 100MB/s bandwidth but at 1/2 the latency.
$300 for 1.5TB full on Optane is dirt cheap. If I was looking for a drive I would get one.
If it goes into read-only mode after the spare blocks have been exhausted, then that's in most users' best interest. To keep writing it with no spare blocks remaining, you're risking almost certain corruption and data loss.
The endurance is really for the professional and enterprise users, although the 905P is probably artificially gimped like the earlier M10 and 800P series to go into read-only mode no matter what after a certain amount of writes.
It's rated at 27 PetaBytes. It has 575K 4k IOPS, meaning ~2.2GB/s bandwidth in random read/writes.
27PB / 2.2GB = 12.3 million hours or 1400 years. The drive's electronics will likely fail anywhere between 1/10th to 1/100th of the write lifespan. Or, maybe it'll fail in 10-20 years from thermals and thermal cycling.
Even if the drive was capable of 128GB/s bandwidth comparable to a latest Zen 5 gaming PC's dual channel DDR5-8000 memory, it still would take 24 years of 24/365 to reach that point.
You'll NEVER worry about the media running out of write cycles even if you max it out and run it 24/365. People worrying about lifecycles on Optane are in the mental hospital paranoid territory.