Agreed. This is why PE buys so many SaaS companies!
My article here isn't really aimed at "good" SaaS companies that put a lot of thought into design, UX and features. I'm thinking of the tens/hundreds of thousands+ of SaaS platforms that have been bought by PE or virtually abandoned, that don't work very well and send a 20% cost renewal through every year.
There's a huge subset of SaaS that's feature-frozen and being milked for ARR.