For medical charges, how much does insurance company pay?

Because of some of the terms you used in your question I am assuming a US focused question.

When you go to an in-network doctor, all the rates have been negotiated. That $157.64 reflects that. They also agree as part of the rules that they can't balance bill you. Which means they can't go after the $364.36 adjustment by charging you more.

Now if you go out-of-network the insurance company will never pay more then the amount they would have covered in-network. Also the doctor can bill you the full amount unless you make a deal with the provider. Many plans also have two different deductible buckets (in-network and out-of-network), and many will only credit you with having paid the negotiated amount, even if the out-of-network doctor charged more.

In your case because you haven't met the deductible they didn't have to pay the doctor, but they did save you hundreds of dollars because of the negotiated rate.