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Indeed, that's a good (and probably the only) use for the Ledger crap.
As for the decoy and canary wallet purpose, I'd put a bit more convincing amounts in it. $20 or less than very low three-figure amounts don't really appear much convincing for my taste, to be honest.
I agree. My way of doing it is to buy what looks like a lot of something but is actually trash. 1 million Shib, for example. That costs less than $8, but it looks impressive to an idiot. Stick a sticky note on the hardware wallet that says "1 Million Shib!"
A thief would either not know what that means, and think it's something worth stealing. Or, the thief will know it's trash and think I'm an idiot for believing it'll someday have value (which, of course, it won't). Either way, the decoy served its purpose.
I won't elaborate further so to not digress too much from this here.
The topic of the thread is covered.
Hardware wallets aren't becoming a luxury. A Trezor Model One costs $19. Trezor Safe 3 is still on sale for around $50. With Krux, you can easily get very advanced DIY hardware wallets that are airgapped, stateless and offer encrypted seed QR for under $50. Those aren't lux prices.
What's becoming a luxury are silly gadgets for gadget guys who care more about being trendy and having the latest thing for the sake of online street-cred.