So far what I've been doing is keeping my webpack config as simple as possible (< 40 lines) and just relying on default behavior. I know I'm losing out by not bothering with some of the more intricate configuration properties like caching, etc.
But one of my big pet peeves is when you clone a project and the installation says all you need to do is run make install or npm i, but in reality requires 20 google searches and an hour of banging your head to get the project running and even then you end up with 50 cryptic warning messages in your terminal so you don't even know if you did it correctly.
With a very simple webpack config you might lose out on optimizations but at least you can get just about anyone running a project locally and if things go awry you can generally pinpoint the problem to a specific line of configuration.