Yes, I agree with you Erik 100%, EQ is only one tool in the box!
I do know I had a Behringer unit in my system about a decade ago. For many weeks I played around with the Auto Correction function when I got it...and played around...and around... I could only get results that I had to tweak mightily...even when I ignored the bass and tried it from 200 Hz up...in the end I had to walk away from Auto Correction with it.
But, honestly, I think it was just the overall state of my system and room at the time, not really the Behringer's fault. Since that time, my system's overall performance level has grown by leaps and bounds. Every component in my system has changed hands. I bet if I put it back in my system now that I'd likely get a Whole lot closer to a satisfactory result, and comparatively right off the bat, I think.
But, even my manual EQ has gotten far easier to dial in, so I myself don't feel like I'm missing too much with Auto anyway. But, yes Auto can definitely save you about a decade's worth or so of trying to get fully acclimated to using a manual, parametric EQ that has 14 fully adjustable and fully overlapping bands per/ch, I can tell you that!
But, I'd say that the better your system performs and is dialed into the room quite apart from EQ, the better your system will benefit from EQ, whether manual or Auto - and you wouldn't have to twist my arm that that would most definitely include room treatments.
Regards