I think it depends on what data you need based on the problem space, but yes it does suffice for many use cases.

The thing is that it is least common denominator, and when you are dealing with high perf, cross language systems, it really isn't a good wire format or storage format.

It takes ages to parse, it's lossy, lacks commonly used types (or you have to annotate it with non standard attributes)... or worse guess the intention, and it's pretty verbose.

But again, that said it is a widely used standard and one that we have to live with. So there is that.