For that one item, no not really. But an AirTag has a battery life of about a year and there's really no reason to frequently remove it. AirPods have a substantially shorter battery life and are not guaranteed to be in that bag all the time no matter what. Also AirTags are many times cheaper and smaller than your listed items and are moderately water and impact resistant. If there's something you want to track in addition to your backpack you likely don't want to buy spare AirPods (your cheapest item) just for that purpose.

The battery life of AirPods in a case (what GP is referring to) is quite long. I don't know how long, but I'd guess weeks/months if you're not using them. Obviously a single AirPod out of the case would last much less time (though still days, IME).