No, it isn't limited to just that. Alt-0 alt-. will give you the zeroth "argument" (the program), alt-1 alt-. will get you the next (the program's first argument), etc. Negative arguments count back from the end: alt-- 1 alt-. will get you the argument before the last one (note that alt is held for the "-" but not the digit).
When you do use event designators, ctrl-alt-e (or alt-^) is critical. It expands all the ! codes inline to what they refer to, so you can see what you're doing before you hit enter, and as you're constructing the command too.