The two failures we see most often are the same every time. First, Performance Max launched as the first campaign in a new account, before there is any conversion history for it to learn from. Second, no brand exclusions, so the campaign absorbs people searching your brand name, traffic you would have received for nothing, and reports a flattering return on it.
Neither is a flaw in the campaign type. Both are setup decisions, and both are recoverable. What is genuinely limited is diagnostics: when Performance Max underperforms, the reporting often will not tell you why, and the remedies are indirect. That is a real constraint and it should be stated rather than papered over.