It likely comes down to workflows.I seriously don't understand what Applications folder in the dock set to grid mode doesn't satisfy here. I guess if you want the folders in a certain order you'll have to name them alphabetically. That's the only downside I can think of. Otherwise, you can do everything you just named.
For perspective, I have a lot of audio workstation software and because of its nature they’re never organised well into the application folder; Launchpad has been ideal for organising them on the other hand. I like being able to group them by developer and purpose, and importantly to know visually where they’re placed. Where some apps have distinctive icons, I use that as the reference.
But if I was someone who didn’t have a more complex workflow, I don’t think the loss of Launchpad would be noteworthy.