Seems insurance of the 500 euro note has already ended as it’s mostly used for crime. Kinda hard to imagine people using it anyway; in the U.S. you’re treated like a criminal if you pull out a $100 in shops.
You have a typo, you probably meant issuance, and yes, it was a bit awkward to use because from a point on they needed to photocopy your ID to accept the bill.
I was told a few years back that it was commonly used to pay rent in cash. I certainly had a friend who assumed that second option from the bottom would give him the right amount of money on a cash machine and was very surprised by just how much he took out.