There’s a hidden benefit to refactoring that nobody seems to mention when weighing the options… the opportunity for learning.
The more often you allow yourself to break down code and rewrite it to be more concise and understandable, the better at it you’ll be. More importantly, you’ll recognize more patterns as you write code and it won’t require the additional refactoring next time.
Similar to the arts and the crafts, you won’t be able to create amazing work unless you practice each and every day. Practicing creates value. Refactoring creates value.