Not quite that black and white, at least in my experience. Modelling amps, I can't speak much to. I have an old Line 6 Flextone so it's pretty dated. But I have had very good pro players say the sounds I get from it are like a tube amp.
Pedal-wise, I have a box of mostly good, some excellent, some vintage pedals. They're wonderful, but I have also found new modeling technology has really reduced the gap between multi-effect and individual pedal. Check my Boss ME-50 clips and see what you think. I'm not saying it sounds like a Marshall half-stack, but the difference isn't dramatic.
helliott in Hamilton
Guitars -- 2 PRS CE 24s 85/15 pups, PRS semi-hollow CE 22, Fender Baja Telecaster; Gibson Les Paul Standard; 80s Strat updated with custom 69 pups, Anniversary Strat with Fat 50s, Epiphone Sheraton re-issue; Yamaha 5-string bass; Yamaha TBS 6 and 12 string acoustics,Takamine acoustic, Fender nylon string acoustic
Amps -- Mesa Boogie Lone Star; Boss Katana 100, Peavey Blueamaster 2x10, Line 6 Helix
Pedals etc: Mosfet Full Drive 2; Ibanez Tube Screamer; Fairfield Barbershop OD, Diamond Compressor; Voodo Sparkledrive, Boss Digital Delay DD7; Boss TU2 Chromatic Tuner; Cry Baby wah