This is true, but to some extent depends on one’s approach. In hardware, I have a whole lot of boxes for a whole lot of things. A selection of reverbs. A selection of delays. All sorts of distortion. Because each does something unique, and if it tried to do everything it’d be really hard to use. And limitations breed creativity.
Software doesn’t have to be like that, though. Volcano is just as easy to use (IMHO) even though it can have up to 4 filters with various routings each with 11 models and 8 shapes with different slops to choose from and a virtually limitless modulation matrix. With plugins, it’s possible to have a one-stop-shop just for, say, filter. You could reasonably get “my one filter I use for everything” and be done. And that’s how I use Volcano.
But, frankly, that’s not as fun. If I didn’t have my hardware fetish to sustain me, I’d get bored of Volcano no matter how capable it is. And there’s also the very practical consideration of feature paralysis/tyranny of choice. Having a plug that can do anything means you have to do the work of deciding what to make it do. This is not trivial in the middle of composition, in hardware or software, and having a plug that does just one thing with three knobs can be a real boon in these cases.
And, as in hardware, limitations breed creativity.
So you can collect, say, just a SEM plug, and just an MS-20 plug… and build up a library. I think that might be closer to how I’ve imagined your hardware process, actually. In that respect, Volcano would be horrible
Something like The Drop might be better. Or the Arturia modeled ones. Or the MF-101S (I know, no Moog, just as an example)
But ultimately it’s as much about where you get your mojo as anything else.
To bring this back to Logic, it has a better selection of stock plugins that meet my tastes than most DAWs. So it really enables me to go for the “one stop shop” version of 3rd party plugins when I need them. And as a result, my total number of installed plugins is really light. But that’s a matter of taste — and the aforementioned hardware habit that keeps things interesting for me.