You're right. From my experience, the most useful tool is just logs, but most people don't know how to use them effectively. No matter how hard the perf problem is, or how wild the butterfly effect gets, you can find the root cause of nearly 100% of them through careful logging.
Partially correct and i beg to differ a bit.
Flamegraphs are excellent for identifying where CPU time is spent. They become insufficient when the bottleneck comes from cache misses, memory bandwidth, lock contention, I/O stalls, scheduler behaviour, NUMA effects or tail latency amplification.
For difficult performance problems, use flamegraphs as the starting map and then add hardware counters, allocation profiles, off-CPU traces, lock analysis, I/O telemetry and workload evel measurements. The tool is not useless but the mistake is expecting one profile to explain the entire system.