2) A missile that travels at Mach 5 but cannot turn AND is made of 'cheap commercial parts' is not radar resistant and will EASILY be shot down. These are fast, cheap missiles good for attacking a significantly inferior opponent, worthless against near-peer opponents such as the US, Russia, and NATO defenses. They are clearly designed to take out Taiwan without US support.
Not worthless at all. They're cheap and can be built quickly, and while they might be easy to intercept, the interceptors are not cheap.
The shahed drones are cheap too, and yet they have done a lot of damage.
Ukraine is launching cheap drones based on converted light aircraft, these are also doing major damage.
If you can build and launch more cheap drones/missiles than the enemy is able to intercept, you can overwhelm their defences and get a few strikes through. The first missiles you send get intercepted, but also give away the launch sites of the interceptors. If you have the resources to keep lobbing cheap missiles then pretty soon the interceptors run out and you score hits.