I understand where you're coming from, and I understand the constraints that you're bringing up; simultaneously, Facebook has a PWA, Netflix is considering replacing their Windows app with a PWA, there are multiple large-scale companies that leverage PWAs consistently, and if you want, you can absolutely publish a PWA to the various app stores, provided they are approved.

https://play.google.com/store/apps/details?id=com.facebook.lite&hl=en_US&gl=US

https://blog.pwabuilder.com/posts/publish-your-pwa-to-the-ios-app-store/

https://mspoweruser.com/netflix-may-replace-their-windows-10-app-with-a-pwa/

https://www.dizzain.com/blog/insights/pwa-examples/

So, are PWAs a great fit for every single possible use-case on the planet? No.

Are they gonna be a great choice for AR/VR/MR/XR or graphics-heavy applications? Probably not.

Is a PWA always going to be approved for the app store? Probably not, just like any other application.

But do they offer an approach which can save a boatload of time and money while delivering a pretty robust user experience in a way that wouldn't have been tenable 5 years ago?

I'll let you be the judge. Maybe PWA's aren't right for you. Maybe it's not the right approach for your project and if it's not, I respect that.