For me profiling my amp(s) worked great. Problem is, I EQ'd the profiles to death and voiced it deeply to my main stage guitar including Compressors and Wahs etc. In result the profile(s) of my amp(s) now sound nothing like my amp but fits better in the mix as my amp would have ever done ... so what, for me it's a tool which makes a lot of things easier. It's another "amp" with lots of possibilities for me.
It is what it is. And worth every penny when bought used. I think you can get a better sound of a real amp. When everyone (engineer, you, ...) and everything (gear, PA) fits. This is not the case in 95% of the occasions in my experience.
For reamping and home-guitar-tracking as well as live performances (regarding flexibility and usability) it's unbeaten imo.