I have an 18' center console wrapped (above waterline only) and have seriously looked into wrapping our big boat (full time liveaboard cruising boat).
It depends on your usage. A boat that anchors out 90% of the time, a wrap is well worth it. If you are going to be in marinas where dock/fenders/boat are making contact a lot, the wrap likely won't last very long.
Recently we've been in marinas with fixed docks, pilings outside the finger piers. So we've been using 2 fenders and a fender board (2 sets) to tie up- T head or lay along. Having seen how hard we push against the dock when the wind or tide is wrong, a wrap absolutely would not last.
However, if you have a protected marina with floating docks and you can tie up 4 directions and keep the boat from rubbing, a wrap should last several (3-8) years in that environment.
They don't weather much on their own, it comes down to how much physical abuse they are subjected to.