I have to disagree with you, and back up what @BarryPorter13 is saying. I would think the focus of Obsidian is plain-text editing at the core of its editing functionality.
For example, what you consider “half-baked” editing functionality is the perfect editing experience for me.
I want everything to turn into plain text when I click on it (images/tables/callouts/etc). I want to know that my Markdown documents are perfectly formed, because the reason I’m using Obsidian is to end up with Markdown for longevity. It’s critical that it’s readable even as plain text and preferable that it’s also nicely formatted as plain text.
I think really it’s just different strokes for different folks, but that’s why there are so many options out there in the market. Obsidian awesomely fits the niche of Markdown + local files, and I absolutely love it.
Something else to note about your screenshots is how the mouse is much more required for using the CKEditor interface, and only a keyboard is needed for editing complex Obsidian assets like callout boxes and tables. Again it’s different strokes/folks. Using a mouse might be an enjoyable part of the editing experience for you, but for me it’s distracting and takes me out of the flow of writing. I love that I can get everything done without ever taking my hands off the keys while I write.