Most 'Log' formats have nothing to do with increased Gamut.
Log is a Gamma profile, so allows a greater dynamic range to be captured.
When grading you can then select the image detail you want to work with - shadows or highlights.
Having said that, Sony Log formats tend to also allow a wide(er) gamut capture as well - which again allows the colourist to select the actual final colours they want to work with.
So no, I would say you are wrong - it is always a benefit to have 'more' information captured - dynamic range and gamut - to allow better creativity when grading.
Mob Boss at Light Illusion