Yeah, these are totally equivalent examples.
So much of that description has to be exceedingly kind to make the point. "Modular" and "multi-combiner adaptable" are pluses for the frame system and things that system allows, not what one module does. CW Air Raid doesn't "maximize the budget" by having the same combiner plug as every other limb, even if it is "multi-combiner adaptable". I'll grant that he "triple changes" more than, say, Armada Laserbeak or TM2 Megatron or a pair of Crocs, but that's not exactly a high bar.
You're right to set aside how "Hasbro has themselves admitted collectors are driving toy sales now more than kids are", because that has nothing to do with how this lone item does not provide the aspect of "play value" that can only be achieved with the aforementioned $200 of other stuff. Without that he doesn't transform into a combiner part, he just transforms into a slightly different block-with-protrusions. Modular, multi-combiner-comparible, all of that only becomes apparent when you HAVE said combiners.
Is it a Voyager on its own? Sure. No one seems to be disputing that. It's a "complete" toy. But is it disappointing depiction of a character whose main thing is "originated combining"? Also yes. If all you want is a Voyager price point toy that just has a robot mode and an altmode, if that's where the bar is, get a Sky-Byte, who is all of those things.
There are many options between "buy this Voyager class toy of a guy known for being the finished product of combination" and "buy a $200 toy of same guy". I keep mentioning Amalgamous because he's something produced at the Voyager class price point with a robot mode made up of smaller bits. (People can then complain about the simplistic limbs, but not the fact that there's no real combination going on within Nexus Prime.) It doesn't even have to be a five-part scramble combiner. Make it 3 stacking block guys. Make it a big Duobot/Powerlinx combiner. Or, all the way back at the line planning stage, don't paint yourself into a corner by putting this character into that price point. People "paying $200" for this character was never set in stone. But with this particular execution, if one wants to see this guy IN a "combined mode" (which is maybe 15% more of a combination than Buzzsaw being in Soundwave's chest is), which is kinda something people will want to see from not just the god of combiners but the first combiner, they will.
Again, I'm open to seeing what else is up Hasbro's sleeve that we can't suss out yet based on what we've seen and been shown, but I think being surprised by the disappointment people are showing -- and I'm fully aware that the verbalization might not fit one's definition of disappointment as "aw shucks, but oh well" -- may be being a bit obtuse.