My whole family uses our bike. We're all different. My wife runs marathons and works out every day. She uses the bike a lot, and uses some of the strength training and other classes including treadmill classes for our non-Peloton treadmill. My son (14) uses the bike a couple days a week and uses some of the other classes. I use it a couple times per week and don't use the other classes. My daughter (14) only uses it occasionally.
We keep the bike in a small basement gym with a treadmill, and weight bench. I hung a cheap tv with a firestick. You can now stream the classes through the firestick which is great for the treadmill or strength training. We use it more than I expected after a year.
The bike requires the monthly membership, but you can put as many accounts as you want on it. To my knowledge there is no family or individual membership. We all have accounts, and we can add more if we wanted. Maybe they changed that.
In my opinion, the streaming classes are essential to the experience. The bike itself is overpriced, it's the content that makes it worth while. I know you can use the classes on a different bike (like Deepster), but I don't regret getting the Peloton bike vs another. It's made it easier for me to workout when I don't feel like the boring run on a treadmill. I have only done a couple live classes, but I have done a few rides with friends (live or recorded). There are other competitors jumping in at lower price points, but I think we're hooked. Happy to answer any other questions. Get someone you know to refer you because I think you get some extra gear, and the referrer does also. PM me if you want our code.