Yes I am a child of the 1980s where many players had a refrigerator sized rack
I wasn't ever happy with the modellers , and got into this pre AxeFX
It's pretty much analogue modelling as each module has the "correct" circuit to have the characteristics of the amp it's trying to impersonate.
Obviously you could argue that the power section isn't truly representative of every amps as it will be the same for each module so no switching from EL84 for Vox, 6V6 for small fender, 6L6 for bigger Fender, 5881 for Soldano, EL34 for Marshall etc.
However the power amp I use most - the little Martamp/MJW 10w single ended class A is loaded with old Mullard tubes (1x ECC83 & 1x EL34) and sounds fantastic.
I do have too many modules and there is a lot of crossover tonally , but some of the sounds are so accurate
The modified modules that replicate the sounds of Soldano SLO, ENGL, Cameron, Diezel, CAE/Suhr etc are fab.
But it has gotten a bit like Pokemod - gotta have them all :P
Those who have been to the workshop may have heard how effective the modular rig is at sensible volumes