I guess each person's oppinion is colored by personal past experiences, i too can come up with stories of how backend apis with 10s of thousands of lines got reduced to a handfull of views and stored procedures. But it's true this aproach does work when you have to do linear algebra on your data (my feeling is that this requirement does not comes up in so many projects).

On the debuging part it's a bit true, the workflow is not as polished (debuging in db) as oposed to other envs.

About the "fast" part, i would not say "comically wrong", if it were, there'd be no reason for sql beyond "select * from"