Not the parent, but some limitations are that you can only really have events that describe channel/time/value. That's mostly fine for instruments like piano. But on a guitar you can pluck the string with a soft/hard object, close/far from the bridge, add vibrato to an ongoing note, etc. Sometimes it's enough to use multiple instruments with different characteristics to simulate that. Sometimes not.
MIDI is fine for some instruments and for controlling few high level parameters. If you want to make music though, you'd go with a DAW instead which can start with MIDI on some tracks, but otherwise works with waveforms instead.
There's also a difference between when you only compose, want to hear the idea put together and give musicians the sheets, and when you want to create the end result fully on your computer.
MIDI is fine for some instruments and for controlling few high level parameters. If you want to make music though, you'd go with a DAW instead which can start with MIDI on some tracks, but otherwise works with waveforms instead.
There's also a difference between when you only compose, want to hear the idea put together and give musicians the sheets, and when you want to create the end result fully on your computer.