Amp, Cab, Compressor... That should do fine.I'm not a power user, and bass is not my primary instrument. I have a cheaper Fender MIM Jazz bass. It's taken me a lot of work to dial in a decent bass sound. My biggest challenge has been that a preset that consists of just amp + cab alone doesn't seem to sound good on its own. Most presets that I've found on this forum or elsewhere that make my bass sound good involve more complex routing (ex. two amps, multi-band compressors, handling the upper & lower frequencies differently, etc). Conversely, all of my basic guitars sound fairly good with a simple amp + cab combination. While this isn't wrong, it makes it more technically challenging, and as such causes me to be less excited to play overall.
Perhaps my cheap bass or its pickups are the problem. I don't have the real amps or cabs near me to compare. The Axe FX II is a fantastic product, and I don't want to knock the exceptional ability to route and tweak that it offers. Just sharing my experience with bass specifically.
I'm sure that's down to taste and needs... It most definitely does for me.