I'll go one step further: I used the LG 27" 5K Display for two whole years before returning to a 34" Ultrawide with a more typical DPI.
Obviously I preferred the pixel density and image quality of the high-DPI screen, but I find myself more productive on the 34" Ultrawide with a regular DPI. (FWIW, LG now has a newer pseudo-5K Ultrawide that strikes a balance between the two).
I look forward to the day that monitors of all sizes are available with high DPI, but I don't consider it a must-have upgrade just yet.
Also Note that Apple made font rendering worse starting in OS X 10.14 by disabling subpixel AA. Using a regular DPI monitor on Windows or Linux is a better experience than using the same monitor on OS X right now. If you're only comparing monitors based on OSX, you're not getting the full story.
My work monitor is a really nice 27" 4k LG monitor, which a coworker picked out. He's a real monitor specs nerd and made a lot of assertions like the OP. The scaling issues are endless and really bother me, and I don't notice the higher PPI at all. I much prefer the ultrawide Dell - it gives me a feeling that I don't even need to maximize my windows and I can still have lots of space.
On the other hand, when you're done work its amazing for flight simulator or other games that support the aspect ratio properly.
I don't mind the pixels, as long as the font rendering system is good.
Of course I understand the need for a Retina display if you're working on macOS...
So yeah, if your primary device is a modern Mac, you really want a high-res, high-density screen.
Desktop Linux had the same problem for a while.
Font rendering on macOS is more "authentic" to the original shape at the expense of clarity from hinting/pixel-snapping.
At this point I clearly prefer lower latency and higher framerate over more pixels.
And sure, resolution isn’t free, but at these levels that was an argument for the hardware of eight years ago, not the hardware of today. All modern hardware can cope with at least one 4K display with perfect equanimity. Excluding games (which you can continue to run at the lower resolutions if necessary), almost no software will be measurably affected in latency or frame rate by being bumped from 1080p to 4K. Graphics memory requirements will be increased to as much as 4×, but that’s typically not a problem.
Also, I don't like using non-integer resolution scaling, the results are always a bit blurry/unpleasant, even on high-dpi monitors.
(My first laptop was a second-hand HP 6710b at 1680×1050 for 15″, and that set me to never accepting 1366×768. So my next laptop was 15″ 1920×1080, and now I use a 13″ (though I’d rather have had 15″) 3000×2000 Surface Book, and it’s great. Not everyone will be able to justify the expense of 4K or similar (though I do think that anyone that’s getting their living by it should very strongly consider it worthwhile), but I honestly believe that it would be better if laptop makers all agreed to manufacture no more 15″ laptops with 1366×768 displays, and take 1920×1080 as a minimum acceptable quality. As it is, some people understandably want a cheap laptop and although the 1920×1080 panel is not much dearer than the 1366×768 panel, you commonly just can’t buy properly cheap laptops with 1920×1080 panels.)