It's up to you if you think it's worth it. Some think nothing of paying £100 for a bottle of wine or £5000 on a holiday. If so, £200 on a front place is bargain. Especially since a full package with La Fuga won't be cheap.
But as ugo says, you can find events that are as good as the Etape but far more user friendly and offering much greater value for money. See the Marmotte or Maratona Dolomites for example.
I am coming over for the Etape.
Riding on roads I wanted to ride on 30 years ago, but now can.
If I am coming from the west coast of North America I am going to make sure that I have a reason to come, so I purchased a entrance from one of the tour operators.
It is the most expensive event event I will ever have entered, in fact it is likely the most expensive I ever will enter.
It is also a lifetime trip, so I tell myself it is worth it from that perspective.
I have the Rocky Mountains a half days drive away and can ride there pretty much anytime.
This is just "something different" and riding the mountains of "mystery" and "wonder" associated with the great races.
At the heart, they are just mountains, but I expect to have fun nonetheless.
And yea, if I'm coming from over here, I need certainty as I need to book flights and hotels, etc.