How efficient is the use of trading bots

Trading bots has been tauted to be a good tool for keeping us in the market even in our various busy schedule but it seems not to protect us from potential losses cos it's programmed to adhere to users rules and strategies which I guess will make them struggle in a highly volatile market where unexpected events can result in bots executing trades that may not align with the current market sentiment leading to potential losses. Few top exchanges with good trading bots suggested by some friends in the past includes Binance, Bitget, coinbase and Bybit.

I am now willing to explore this tool due to my tight schedule recently but will appreciate more insight from those already using it and would also like to know if there is an occasional compensation for losses since we talking about an automated software program.