When talking about the core office suites, Word, Excel, Publisher then to most parts I'd agree although Excel has got better since the old version - still buggy though.
However Office 365 does have a great bundle of other applications, most have significant limitations (but the monthly updates help!). Does depend on your licence, but you could replace or not require a number of other systems if you use Office 365.
For instance, a user could create a form (say a new starter form) and easily add it to a workflow, add an approval step from a line manager and store the result in a database, with very little effort, very little technical expertise and very quickly.
You could get emails to an on-call user, look up the duty rota and e-mail the on-call engineer all with hardly any configuration.
You could create a series of essential training videos and alert users that they need to watch them then automatically mark their training records to say they have been watched.
So for business automation across multiple integrated and third party applications it works really well but only worth it if you want the extra functionality - many won't.