Yes, your correct.
Also the areas where the OSM coverage is on par with Google is very less. In fact the coverage depends on how strong the OSM community is in that particular area.
You are correct about ingesting the osm data directly to something like Valhalla. What had in my mind when I mentioned "usable" is the data after that will be the output of some sort of quality control process. As you said, osm data will have quality control issues (being a crowd sourced) and organisations will want quality checked before the data is fed to their internal systems including inserting to database or to a routing engine.
Geospatial tech is evolving fast with AI and cloud-native solutions. We’ve seen past disruptions reshaping the other fields. Are we at another turning point? Thoughts?