An IC in Egypt can work assuming the opponent is bad. I’m not even sure I would take an IC in Egypt if it were free.
An IC in Egypt doesn’t accomplish much, forces allies to defend it, and costs 15 IPC that could be better spent.
The benefit is marginal. Germany already has a difficult time taking Egypt & Africa without additional naval buys. Often, UK can kill the battleship and transport R1 unless Germany makes a buy. It’s also not fantastic for supporting India since Egypt is only two production and a number of spaces from India. UK can make better use by spending 15 IPC towards 2 fighters.
The risk is great. Germany can threaten Egypt with just 1 carrier buy. Even if Germany never attacks Egypt directly, defending Egypt will divert units from defending India. Japan can easily place naval off FIC. This threat would force UK to defend both India and Egypt. Additionally, the sz off FIC is a great position for Japan to defend even if US commits to the Pacific (KJF).