In the sense that they're 'doing' the 'industry standard' practice. "There's gonna be problems with anything".
If you missed estimates without agile/sprints, and now miss estimates with agile/sprints, you may think "well, at least we're doing industry standard practices now - estimates are always gonna be missed anyway, but now we're more agile".
But now you have the attendant overhead of planning/meetings which is using up time that could be better spent somewhere else.
Something not necessarily mentioned too much that I see, is that if you actually have all those people (PM, PO, tech/dev lead, etc), is that they all have to be good/skilled and generally on the same page. If two are good and one is bad, it's all bad. The system is only as good as the weakest participant.
This is true regardless of whether they use sprints or not. Such a project is doomed regardless. I don't think any methodology will fix a project where most of the team is coasting, don't want to do the real work, or do not believe in the end goal.
> The system is only as good as the weakest participant.
I agree about this weakness! I think this is a reality of any software development endeavor.
How would it be better without sprints, though? One thing agile proponents claim, which I think has at least a measure of truth, is that agile doesn't make projects succeed, but it does make problems visible earlier. I think we can all agree visibility is a good thing?
So let's take the perfect project: all devs and stakeholders are stars, they never make mistakes, their customers understand their own needs perfectly, the budget is just right, no errors at all anywhere. This idyllic project needs no "methodology": no sprints, no managers, no nothing.
The problem is that the above project doesn't exist. Back in the real world, where people are fallible, mistakes are made and misunderstandings abound, how can we surface those problems as early as possible, when they are less costly to fix? (when possible, of course -- some projects are doomed regardless)
kanban, deliver something when it's done (even incremental when possible), fast feedback...
The notion of "here's what we'll do in the next X weeks" takes a certain amount of planning which (imo) is often better spent just doing first. As/when issues/questions come up, they need to be addressed then, not waiting.
You surface the problems early by some planning, then some work, then some feedback. "Sprint boundaries" don't seem to help in any of that. They help other people who want to know when something might be 'done', but it doesn't help me get feedback or clarify misunderstandings any faster.