There should be a mode in word processors that disallows on-the-fly formatting and forces consistent use of styles.
I wouldn't characterise it as underpowered so much as wrongly-powered. Just the ability to use macros etc. is not the same as being a real text editor.
I actually started out using word processors, and really wish I had discovered proper text editors sooner. For me, word processors are just miserable working environments.
I find Word a miserable working environment. On the other hand, I find Pages a delight to work in. It's one of those "it just works" programs for me, and I find documenting editing so easy and intuitive.
It reminds me of those who swear by WordPerfect and wouldn't dream of using Word unless forced to; it's not the class of application they care about it; it's the specific set of tools, their presentation, and how the app matches their work habits.
(Same reason that I just can't use Google Docs, no matter how many workplaces make its use a soft requirement)
Having said that, an awful lot of tech nerds (arguably like myself) seem to seriously underestimate what word processors can do.
Back when I did write fiction in a word processor, and even now when I have to send fiction to editors who expect things in Word format because that is the lingua franca of the non-technical publishing world, I don't have to spend an awful lot of time formatting manuscripts. Word processors have templates, and hierarchical styles. I wouldn't need a macro to auto-fill in the preamble because I'd have a template that included that.
But if I did want a macro, I could have it! A lot of word processors do have macro languages! Many of them also have search-and-replace capability which is basically regular expressions with an easier syntax. For all the crap Word gets, much of it well-deserved, it's actually pretty good at editing prose. It's almost like they've been developing it for over thirty years or something.
If you're in a position -- which I am -- to use a plain text editor for all your prose writing, and you prefer it, that's terrific. And you could totally make the argument that if your final copy is going to be LaTeX, you should start in plain text, whether or not you're using LaTeX markup from the beginning. But the notion that Word is some kind of underpowered little toy no real author should ever possibly use is just, well, wrong.