No, the cost is not irrelevant. You could pay 1% in advice fees (or perhaps a flat fee for a piece of adviser time) and be in 0.1% MER/TER ETFS. Then you get the same quality advice (probably better, as the bank salespeople who sell the bulk of this garbage are unqualified), and much lower total costs.

1 percent every year of your life is not "irrelevant."