Overall from a protection standpoint, MD is very capable and can technically be more than enough for most users. That being said, as much as I like using MD...it doesn't meet everyone's needs. There are plenty of great things about it that make it a better option than using a 3rd party AV IMO, but there is more to the picture than protection alone. Performance, UI, usability, access to settings, etc...are all factors that someone needs to look at when deciding which program to use.
While MD has great protection, it doesn't always meet everyone's needs when it comes to performance, usability, etc....
While you can make changes to it's settings via PowerShell, registry and group policy...unless you are tech savvy, or use one of
@Andy Ful 's programs, changing those settings is out of reach for most people.
All in all there is no such thing as a perfect product. This is why it is far more important to test each program yourself, on you computer, using your workflow, in order to decide which one of the best one for you. Asking forum members which one to use and relying on that alone isn't good enough either. Most prople will just mention the one they use/like, not necessarily which is best for YOU.
From a protection stand point, it is true no product is perfect and every AV will miss things. It's why it's very important to practice safe computing habits along side running an AV. The moral of the story here is to not soly focus on protection, but to take into account all aspects of a particular AV to decide which one is truly best for you.