This would be semi-useful for one single thing: drilling a 3/8” hole in gypsum board and inserting a drywall anchor, then using the Philips bit to drive a screw

This would be semi-useful for one single thing: drilling a 3/8” hole in gypsum board and inserting a drywall anchor, then using the Philips bit to drive a screw. Even then, I’d still swap actual bits. In every other case, a 3/8” diameter drill bit is going to need a fastener with a ridiculous diameter, large enough to have a bolt head head of a Philips head. I would never buy one of these, let alone for $20.