There is waayyyy too much diversity and variability from one tank to the next to get a resolute answer to ... or try to come to a consensus on ... a question like, "Are water changes overrated?"
I'd even go so far as to say there is way too much variability and progression in a tank to come to the conclusion that specific tank will never benefit from regular water changes again at some point in the future.
Life in our tanks is complex and always changing. What works well today may signficantly change next month ... or next year.
I've seen tanks became more stable when regular water changes were stopped.
I also know of tanks that did great without regular water changes ... only to suddenly go downhill literally overnight and be resuscitated by beginning a regimen of steady, regular water changes.
A lower nutrient ... or even ULN ... SPS tank with a light bio-load may likely be a little less stressed, and do better, with careful dosing and no water changes.
A higher nutrient SPS tank ... or heavily fed LPS tank ... could have a much higher likelihood of suffering a nutrient spike or crash without them.
It all depends on the current state and balance of your tank ... as well as your specific filtration, dosing, and other maintenance steps you take.
In short, IMO, no, they are not overrated. Sometimes they may not be needed, other times they may be key part of success.
It all depends on the tank. How it is maintained. And its balance/need at a given point in time.