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.