I agree with the broader point of view, yet I'm not sure if all you say makes sense. Most campaigns are budget limited because auto bidding is less ops intensive and, above all, sometimes works better than manual bidding (despite Google reducing the reach as you get nearer the daily budget).

Manual bidding is always preferable with fewer data points (low conversions, low clicks, no previous campaigns). Auto bidding is preferable as your GA accounts grow in conversions and the algorithms start to create a better profile of your customers.