Think of IPTV like this: you're streaming channels online from a dude who has cable essentially. So it is channels it's not like searching links for events. For example I can get the SN channels, TSN channels, NBCSN, FOX Sports, MLB Network, BeIN Sports, NFL Network, Sky, and that's just some sports channels off the top of my head. Lots of local channels like CP24, CBC, CTV, City, movie channels like Sky Movies, Encore, HBO, and a bunch of other channels etc. Basically like cable but it doesn't guarantee constant uptime/smoothness, but this is comparable to a $80/month package + channels that you can't even get in Canada so worth it to me.
Also in terms of it being a wash, it depends on how you look at it. IMO I'm getting much more content than you (like I mentioned it's like having the top of the line cable package + international channels), plus my internet package is much above average for internet speeds (Bell's Fiber-To-The-Home service is the best in Canada bar none) and I have unlimited usage so I don't worry about going over.
HOWEVER
I get that there is a degree of uncertainty with IPTV. I also know that there is a lot of people who don't have time and just want a solution that "just works" - and that's exactly why cable will always be around. If the extra ~$70 is negligible to you then your setup is definitely the best way to go about it. It's more of a "what rocks your boat" thing!