Why is mid-air refueling worth it? (or is it at all?)
In some contexts, the economics depends on how special the aircraft you're refueling is.

Consider  something like an AWACS mission. You have this very complex specialized aircraft, with a large, highly trained, crew in addition to the flight crew. If you didn't refuel that during the mission, it might need to spend a lot of its active hours being unproductive en route to and from the war. You would need more of them (and more crews) to reach any given level of in-theater coverage.

On the other hand with aerial refueling you need some tankers scuttling back and forth with fuel for your sentries. But they are cheaper and simpler to operate, cheaper and simpler to crew, and so forth. So even though you may use slightly more aircraft hours in total, the total  costs can be lower.

This doesn't hold to just the same extent for fighters and bombers, because they have to return to base from time to time to stock up on munitions anyway. There are still "readyness" types of missions it would be relevant for. The price tag for an F-35 seems to be in about the same ballpark as for a KC-767, but a KC-767 can service many F-35s in a single mission, so having the tankers do the scuttling-back-and-forth can still be an economic win.

Also, it's a good thing for a fighter that gets into combat not to be lugging around enough fuel to get all the way home by itself.