The argument is although they appear to offer you value up front, they cost you much more down the road. The moment you have a hot path query that needs optimizing, you are dropping down to your ORM's "raw sql" mode. Then you do it again. Then again. Then you are ripping out the ORM and spending cycles refactoring it out of your code and replacing it with simpler abstractions.
I always find the people who don't believe writing raw SQL is preferable to using an ORM is usually down to a lack of experience or because they have been coerced to use ORMs by their "enterprise grade" language (usually your C# developers of the world, no offense to you all but if every time you look up examples of data operations it's dealing with EntityFramework you are probably going to wind up with a lot of devs using EntityFramework). The ORMers, as I call them, don't have confidence in their own SQL ability, and they haven't experienced the aforementioned situation enough times to realize you are better off starting with SQL to begin with.
The realization is, if I could summarize it: yes all abstractions are at least somewhat leaky, so you are better to use simpler ones than complex ones (and if you need something more complex, compose it from simpler ones)