Driver bits wear down like drill bits when used in these kinds of settings, as well. So if you're working with wood, both of the functions might wear down equally, so there's no harm done.
This combo-bit is essentially an exceptionally dull 4 fluted drill bit. Any time possibly saved in not swapping bits is lost to the slower drilling speed due to the dullness. The fact that it only works with Phillips screw heads also slows things down due to the greater care needed to avoid stripping the screw head and the work required to remove a stripped screw head when it does occur.
It's not like people have not though about how to do this faster it is just that there are existing alternative solutions that are far superior. Amortizing swaps over multiple screws, using a second drill, having a quick change chuck, using self tapping screws and possibly others that I don't know about.
> Phillips screw heads also slows things down due to the greater care needed to avoid...
It has a Pozidriv version too as the article notes. Also it's worth noting that even though you don't slip a Phillips or Pozi screw, the driver gets nicked and worn drive by the constant application of torque repeatedly. Even my Weras show some wear even though I give the utmost care I can give.
I'd use that thing at home for light duty stuff, or use it for a very long heavier duty job and might get rid of it at the end of the day.
Self tapping screws do not drive so cleanly most of the time, so I'd not prefer them for the places I see every day. They're good for places I can't see at the end of the day.
I know he's drilling into hardwood, but look how hard he has to press to drill into it. Doesn't look particularly light duty to me.
> having a quick change chuck
This is the way. Under $10 at Home depot for one of these and you can swap 1/4" hex shank bits in less time than you can say "swap 1/4 inch hex shank bits".