I'm both a latecomer to the AFX and an experienced user (in that I've recorded hundreds of tunes with my trio since I started using the AFX).
I'll share some history (as I interpreted it at the time; I invite others to correct my misapprehensions), my impressions and some recalled newbie experiences of my own.
Even though I didn't buy a unit until the II XL+ came out (IIRC, mine arrived with FW 18), I've had opportunities (via generous friends) to play various incarnations of the AFX since the very beginning. I mention this because, as someone who literally couldn't be happier with the sound of Q8, I still recall the conversations about dialing in early versions of the firmware to sound a particular way; lots of deep-editing advice made the rounds. In my estimation, the sound and feel of my go-to amps (Fenders) didn't justify the cost of the unit. Superb effects, even then, but the amps left me unimpressed. And I still recall the frustration while trying to dial in an amp on a borrowed unit, even with the help of the expert owner.
At any rate, I have to wonder whether nowadays the complaints about dialing-in an amp are a bit outdated. Maybe it's just my tonal preference (as I said: Fender; always clean or edge-of breakup), but I simply dial in an amp the same way I'd dial in the real thing. (I played tube amps up through 2004.)
When I first received my AFX II XL+, I took a vacation and spent *a full week* programming *a* patch (not only the AFX, but also my LF+ board). Man, I went so far down that deep-edit rabbit hole... The next week I proudly fired up my new rig, played *one* song, and swapped out the AFX for my old rig. Man, what a disaster... If you heard me play that patch alone, you might not think anything wrong. But it just didn't work, in the room or in the mix.
After that fiasco, I did a factory reset on the AFX, took a deep breath, reminded myself to try to be far less clever, and just built up a patch as if I had my favorite "real" gear on hand. NO deep-dive BS *at all*. The next weeks' session went *so* much better. After the first song I pulled up the amp page, make minor tweaks to treble/middle/bass, and have barely touched the patch since. The recorded sound is just perfect, without the hassle of mic'ing an amp or of having to wear earplugs because you can't turn the amp's volume to a sane level for a 10' x 18' room without ruining the sound. (I found that to be true even for low-wattage tube amps.)
What I'm saying is: *I* don't think there's really a need to stress about fine-tuning a patch, especially if you already have a few favorite "real" amps and effects that you like to play. Pick a familiar amp and cab, a few simple effects, maybe a bit of ambience, ... and you're done. Pat yourself on the back and dream up a more involved patch (because you can) or just play the damned thing and smile a lot.
It'll take longer if you *don't* have a reference amp in mind. The first thing you have to do is to find an amp and cab that sounds and feels as you expect. That's where forum advice is helpful. You might get lucky with a recommendation, or you might need to try a bunch of amp/cab combinations to best fit your needs. If you have to search, it's going to take some time. But it takes a lot more time to really understand the contribution of each of the deep-edit controls and their interactions with each other. You wanna be an amp designer? Go ahead. Just be warned that there's a long learning curve.
Look at it this way: the AFX is like a music store where you have an unlimited line of credit. Try whatever you like; if it doesn't work for you, spin the dial to "take it back" and get something else.
My advice: buy an AFX; it'll likely be one of the last major purchases you'll make in that category. (OK, until you feel that you *must* have an AFX III ... should that ever happen.) Just avert your eyes - at least for a few months - whenever you see a deep-edit recommendation on the forum.
If you're planning to go FRFR (and I would strongly recommend that approach), then for the love of all that's good in the world please do *not* skimp on speakers. A decent pair of studio monitors is fine for playing, um ... in your studio. If you're planning to play live and are expected to provide your own amplification (as opposed to using the venue's PA and stage monitors), then get a competent powered speaker. I have QSC K10s and a JBL EON610. The latter is about half the cost and sounds close enough that, were I to build my studio PA again I'd probably go with the JBLs.