I have used a £10 Chinese release that has delay, timer and intervalometer functions for a few years. The only problem I've had is that the cable has developed a fault over time, either a broken wire or connection. This is likely from wrapping the cable up in my bag or possibly from dropping it and leaving the remote dangling. However for the price when it breaks you can just buy another.
It's nearing 2020 and my cheapo release has been acting up again. I don't use it often, but it seems a wire broke about 20cm from the unit, whereby the release wouldn't trigger without a bit of cable wiggling. Given that the cable was probably about 60cm long, I decided to cut it off and re-solder the connection. A relatively simple job that took less than 1/2 an hour, but it revealed one reason why these items are so cheap. The copper wires in the cable are very thin and liable to break with a bit of abuse.
I should add my camera is an Olympus E-520. Olympus' own cable release the RM-UC1 is listed as being
Compatible with the following models: SP-510UZ, SP-550UZ, SP-560UZ,
SP-5655UZ, SP-570UZ, SP-590UZ, EP-1, EP-2, E-PL2, E-P3, E-PL3, E-PM1,
E-410, E-510, E-520, E-620, E-30, E-M5, E-M10, E-M1, XZ-1, XZ-2,
Stylus 1, SP-100EE, SH-60, SH-50, SH-1, SZ-31MR, SZ-30MR, SZ-20,
SZ-14, SZ-11, SZ-10, SH-21, SH-25.
Note: It does NOT work with the E-PL1