With ST3 and the available plugins I was at the stage of editing my config every time I switched project to configure the paths, and it still didn't work as expected. Getting plugins to use config from a project directory rather than their own config was often impossible (e.g. black formatting plugin using pyproject.toml instead of the sublime black formatter configuration).
If I was working on projects with no other developers this might not be much of a problem, but working on a team where all canonical config is committed into the repo was essentially impossible.
In the JS ecosystem there are quite a few project specific configs (prettier, eslint, nvm) that seem to be read in by sublime and accounted for fine from project to project (possibly requiring package level config in some cases).
As someone who moved from Sublime to VSCode, my experience was that I didn't exactly 'miss' crucial stuff in the former, but found things to still be better in the latter.
If I wouldn't be using VSCode, I'd probably not miss too much, but using it and its plugin ecosystem, it's hard to go back to Sublime as my main editor.
I actually really like the development cycle, if it allows the devs to keep the same payment model, I'm all for it. Also sublime merge is just awesome, I will pay for and support whatever they build cause they seem to really understand what users want and put out really good quality software.