Yes, it appears this is another case of the grasp exceeding the reach… we were looking forward to this in WP 6.2 for a smoother more consistent editing experience for our clients.
Currently the 2 restrictions that make a difference are not being able to use metaboxes and requiring the Gutenberg plugin. It seems that will limit it from being used in a lot of cases in the short term.
Hopefully things will become clearer in time.