Interesting, what I'd heard from a colleague is that asan wasn't worth using since it couldn't catch uninitialized memory and stuff. Thanks, I'll have to look into it more.
AddressSanitizer is part of a suite of tools - MemorySanitizer will catch uninitialized memory, and there is UndefinedBehaviorSanitizer and ThreadSanitizer as well. Your colleague may be complaining that a wrench is not a screwdriver.
Address sanitizer has caught something on every codebase I've enabled it on. YMMV, but I encourage you to at least try it out and draw your own conclusions.