Sending a newsletter and running an automated marketing funnel are different jobs, even though both get called "email marketing." The right tool depends entirely on which one you're actually doing.
If your workflow is essentially "write an email, send it to a list, repeat," a simple sending tool is enough — you don't need automation, segmentation logic, or landing page builders for that use case, and paying for them adds cost without adding value.
The moment you want behavior-triggered sequences — a welcome series that fires automatically on signup, an abandoned-cart reminder, a re-engagement email for subscribers who haven't opened anything in 60 days — you need actual marketing automation, not just a sending tool. This is also where bundled landing pages and webinar/ecommerce integrations start mattering, since the automation is often built around a broader customer journey than email alone.
List size matters less than workflow complexity. A 500-person list with sophisticated behavior-based automation genuinely needs a full platform; a 50,000-person list receiving one weekly newsletter with no automation doesn't need much more than reliable sending and basic segmentation. Match the tool to the actual workflow, not the list size alone.