I needed to spend the extra money because the cheaper ones are hard for little hands to use in a Kindergarten classroom. These at least do not pinch the skin if the hand slides down toward the midpoint.
It fell apart on the first use to make a hole in an eight page document. The handles bent first then it broke into 5 pieces. First use! Make that useless.
I had a special purpose application that required a special tool. I used the single hole punch to punch holes in plastic to repair vertically hanging blinds.