For spreadsheets you pretty much need Excel or Calc (the LibreOffice equivalent). I'm not aware of any cloud based solution that comes close.
For text documents though I agree with you.
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I agree. Every time I go to use Google's spreadsheet app, I'm sorely disappointed and crawl back to Calc, which is acceptable.
I remember discovering pivot tables in Excel way back when, and thinking that was a really useful tool. I was amazed to find that Google Sheets could do this too, and to me that marked it's promotion to my first choice for spreadsheet work.
I'm not a power user, but I'd say Google Sheets are good enough for almost all of us. Google Write, not so much.
What features do you need that it lacks? I've found GSheets good enough to satisfy all of my personal spreadsheet needs so far.
The only real deal-breaker level annoyance I've found with any of the Drive apps so far is that whatever Javascript the writer one is using eats up enough CPU power to drop my Macbook's battery life to about a quarter of what it normally is.
People complain about LO and random .docx files, but LO's rendering is superlative compared to the hash GApps makes of them.
I suspect that this is because people have different standards for software installed on their computer compared to web apps. They expect the software installed on their computer to do what their old software did (as a drop in replacement) whilst the web app is a gimmick (too many people) and is only used to produce new documents.