Here is a simple counter example. Suppose you have to process a packet that contains many sequences (strings/binary blobs) prefixed by 4 bytes of length.
You are not always guaranteed to get the length bytes or the string all in one go. In a sequential system you'd accumulate the string as follows
handle_input(...)
while not received 4 bytes
accumulate in buf
len = toInt(buf[0..4])
while not received len bytes
accumulate in buf
If implemented as a state machine ,these would require two await points to assemble the string. Flattening this out into a state machine manually is a pain.