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Anyone else refuse to do them? From what I can tell they provide no further protection and are just a waste of my time. Am I missing something or are people just under false ideals?
No, invoice is a useful tool for more expensive used items.
PayPal seller protection is nearly non existent. Theirs tons of protection for the buyer but specifically seller protection although mentioned by PayPal is near impossible to get. Being able to detail exactly what you're selling... and also listing any faults in detail IS important.
I sold a Lenovo Y50-70 i7 gaming laptop in June of last year. Sent pics to the guy and let him know it works flawlessly but has some body damage.
He changed his mind and claimed I sold him a damaged item... Except I had listed the damage extensively in the invoice and mentioning the sale was as-is.
I WON that PayPal dispute. Their's no way I would have won that if I just let him pay. I would have never been able to list the fact that it was as-is and with cosmetic damage.
I don't think you understand how significant that is. It's damn near impossible to win a PayPal dispute as a seller.
PayPal invoice isn't useless at all. It's not needed for little shit like $100 to $200 bucks. But it's useful on high value used hardware.