Absolutely this. The only times I take my bike out is when I know I’ll never have to leave it. Which basically excludes using it for transportation purposes, and leaves only cycling just to cycle (which I do still enjoy).
Just too high of a chance for it to get stolen (completely or just parts), or vandalized. It’s not even that great of a bike either.
I have a friend who “solved” this problem by having such a junker of a bike that it didn’t even look like it functioned.