Unfortunately I came to the same conclusions about MorphOS, which I used for a while when I owned a PegII. When I sat down and thought about it I realised that everything I was doing under MorphOS could be done on my A4000 under OS3.9, and eventually the PegII fell in to disuse and was sold.
Only thing that it's massively faster

I'm running classic Amiga and Peg1 daily and with some programs, the speed on Peg1 is very welcome. I'm also watching lots of movies on Peg and couldn't do it on classic.
For me, the MorphOS is a possibility to continue being true Amiga user without need to get Windows, Mac or any other completely different platform for tasks needing the raw processing power.