They are a good gating & limiting feature, but when the spells have the individual components listed by cost in the spell descriptions it makes it really tough to adjust the economy or even poke the gm if caster feels like the gm is being short on gold and not giving tout the components needed. This could be avoided by having a list of rare & expesive components used in the spell list plus a few extra for futureproofing additions.
Instead of chromatic orb saying it needs a diamond wort 50gp it uses 1 gram of chaos shale & circle of death uses 5 grams of necrotic infused pearl then 1 gram of each is listed on a table with the other costly components as 50gp & 100gp/gram giving the player a simple table of "maybe reprice these things GMbob?" & the GM a simple thing they can scan for useful sellable stuff the party might want to keep.
Instead of chromatic orb saying it needs a diamond wort 50gp it uses 1 gram of chaos shale & circle of death uses 5 grams of necrotic infused pearl then 1 gram of each is listed on a table with the other costly components as 50gp & 100gp/gram giving the player a simple table of "maybe reprice these things GMbob?" & the GM a simple thing they can scan for useful sellable stuff the party might want to keep.