Of course it has F1-12, it's just in a better place. It's completely programmable, so you can choose something that makes sense to you.
Using key combination for basic keys is like using mouse to emulate keyboard.
If my IDE requires me pushing SHIFT + F3, I would need now to push SHIFT+ALT+F3? How is that in any way more ergonomic? I assume split keyboards are the golden standard of ergonomic design (or I thought they should be).