To a certain extent I'd have to agree with you.
But, if you have the real pedals in front of you, and set them the same as the emulated ones, then compare, I'd say 7 times out of 10 you would prefer the individual pedals.
Personally, I think it's a matter of available 'Headroom' the individual pedals have over a emulated version of them.
Dynamic response seems to be much, much, faster using individual pedals..... everything react's at the same speed with emulation....it seems to me that using emulation adds a compression stage into the mix, that otherwise wouldn't be there, but that's just my perception of the differences, everybody has a subjective value factor.
I still value multi effect units.
I still don't think I'd pay out what asking for a new Line 6 Helix, or a Fractal effects processor.
Given that many choices those units give you, it's very easy to become undecided, and end up wasting time and effort, and basically losing the Musical Plot..... times like that, go grab a acoustic, and sit it the garden or equivalent, and bring it back to emotions