Yes everything that processes audio is a signal processing tool. My SSL compressor can get pretty gritty but I’d never use it as a distortion. The H90 is designed pretty clearly to be the successor and a marked improvement over the H9. I wouldn’t use an H9 as my only fx processor nor would I use the H90 as that either. They’re not intended to take that place.
I like the FM3, I like the axefxIII too. Neither one of them are an H9000. They’re not designed to do what that does.
I think your analogy is terrible at best. The FM3 is not locked into being something the way the H9 or the H90 or an SSL is. It has no problems if you only use it for FX. The levels can match +4 or -10, the I/O is fantastic, the CPU is powerful, the FX and routing choices are many, and the interface is great.
The H9 was initially fun but quickly a dog of a unit with beloved and classic presets trapped in a slow interface and a trying bluetooth app.
It was on but has long since left, many, many boards for this reason. The H90 was a great idea... 8 years ago.
I think there is a generation of people with deep brand love for Eventide b/c they were the inarguable gold standard in the era of big racks and b/c, as you say, they are very good at what they do.
That said, they've lost the plot with competitive innovation... innovation which was once their hallmark.
It's apparent they are as much a brand like Harley Davidson today, trading on the romance of the past, shuffling around the same few classic
sounds, making incremental tweaks in different form factors as "new". Am I really supposed to go wild for parallel processing of two FX in 2022? It's a bit sad.