What is the least utility you expect from the tokens you invest in?

I posted a discussion thread about Arbitrum yesterday and most people said they weren't interested in ARB because it is just a governance token, which kinda struck me as odd.

I understand that, generally speaking, a token that is used as gas will have bigger demand since everyone needs it to transact, but I don't think that makes governance tokens worthless.

Some whales might actually be interested in having more influence over the project and end up buying tokens, not to mention that some L2 scaling solutions are usually bought by the treasuries of DAOs for projects operating on their respective blockchain( OP for projects launched on Optimism for example).

Finally, I think instituations in general are more likely to buy and hold tokens of big projects in the space that are within the ETH ecosystem like ETH, OP, Matic, ARB. I remember looking at some VC holdings and many have aquired OP at some point.

So what do you think about tokens' utility? Would you buy a goverance token if you think that the project is solid or do you prefer more utility in general?