Better than nothing. Maybe in 2 years from now you'll want to replace your laptop anyway. Not ideal, I agree, but still...
Here I'd have no hope to get anything done after warranty expires. It is actually good you can do that in the UK.
I think 2 years is a little optimistic. The first GPU lasted just over a year, the second one is showing signs of likely failure after not much longer.
Having the consumer rights in the UK is one thing, whether I'll actually be able to enforce them is quite another

Actually I guess it was me being optimistic with the phrase "long term problem" !