I've done a decent amount of remodel work and new builds. The workflow you've described rarely plays out in real jobs. This combo bit looks particularly useful for building things like decks.
This driver/drill bit is strictly worse than the alternatives. Most homeowners doing any building other than drilling a few holes for photo hanging will probably have bought a drill/driver pair from Ryobi or something anyways, so you don’t really need to swap bits.
I've been using Robertson but I don't often build stuff.. yet..
Square bits on the other hand drive the edge of the bit against the wall of the square hole. The edge can cut a circle into the screw, and the square head gets turned into a circle by wear. Thus required tolerances are much lower, and screws don't fall off the bit. If they did fall off you'd know to change the worn bit.