I agree with almost everything you said except that the Hololens was pretty remarkable for the time and magical when I got to use it at work, tiny FOV and crappy refresh rate regardless. Walking around a normal cluttered open plan office, watching youtube in a web browser as it followed me, then pinning it to a wall, walking elsewhere and pinning some of our architectural models to tables and stuff, and then walking back around the building and them all still being exactly where I put them was a pretty wild experience. The Quest 3's AR stuff still doesn't feel quite as magical due to the distortion, lack of peripheral vision, and noticeable ski goggle feeling, nor does the world tracking seem quite as good (though I still think it's impressive for a $500 consumer device).

The Hololens is also entirely limited by it's choice of using transparent displays but that's also what makes it safe to use in industrial and now military settings.