Indeed: sed is useful for making small, line-wise tweaks to text. To be honest, I use it rarely (and this is largely because its regexp flavour leaves a lot to be desired). Things like delete the header line[1S] or a simple replacement[2S]. It, like Awk, has some useful line targeting functions (e.g., print lines between two regular expressions[3S], etc.) Awk, on the other hand, is more like a finite state machine for text processing, with the notion of records and fields baked in[4]. You can do the same thing in Awk as in sed (see [*A] references), but it's often easier in sed; vice versa, some things would be impossible or very difficult to do in sed which would be easy in Awk (e.g., [4], which prints the fifth field whenever the first field is "foo"). This doesn't even get into the multiline/statewise stuff you can do in Awk, but the examples would be too big/specific to fit into this comment.
I also learned recently that GNU Awk has networking support[5]. I have no idea why!
[1S] sed '1d'
[1A] awk 'NR!=1 {print}'
[2S] sed 's/foo/bar/'
[2A] awk '{sub(/foo/, "bar")}'
[3S] sed -n '/start_regex/,/end_regex/p'
[3A] awk '/start_regex/,/end_regex/ {print}'
[4] awk '$1=="foo" {print $5}'
[5] https://www.gnu.org/software/gawk/manual/gawkinet/gawkinet.h...