Todd Rundgren many many years ago was /is a bit of a "wizard" and always embraced technology.
He made an entire album ARENA off a interface only, with a U87 vocal mic and whatever plugins and podfarms.... which was the first time I heard of anyone doing that.
His very long career has him in the big name studios earlier years, and decades upon decades of making and producing other bands using the Holy Grail gear that now costs a zillion dollars and still wont guarantee you wont need some plugins added later.
Ive been comparing a KT2A hardware on and off and on playbacks, with little compression...the kind you can see but cant hear, seems un-needed when there are really good plugins like Klanghelm or stock compressors. Im just not really hearing any big difference. I do hear some added noise floor due to adding more gear in the loop. When I do crank up the compressor on vocal or acousticguitar I can hear the squash and at the time it sounds good, but later it often sounds muddy. I also dont need a outboard limiter to prevent spikes hitting +0db, because I track -18 to -12 with -6db spikes/peaks and being DAW there isnt tape hiss to worry about from the empty tape space that offers hssssing whitenoise like crap.
like Bootleg said....too much you get the squash FX, but as I add , too little and its why even have it in the loop? to add noise floor?