I have a Traeger and while I really like it, it is not do all, cook all solution.
It is a pellet grill that adds a modicum of smoke flavor to certain foods, like chicken and possibly burgers.
I like to smoke so for that I have a smoker. I also have a smoke tube for the Traeger to add smoke when I am smoking in it. I do not have a "smoke" setting on mine, I just keep the temp low.
The best way I have found to do brisket or pork butts (large chunks of protein) is to give then an honest smoke in the smoker for about 4 hours to develop the smoke ring and load in the smoke flavor. Most people will agree after that it won't absorb much more smoke. After the initial smoke in the smoker I will move it over to the Traeger to finish off low and slow (up to overnight depending on meat) with a 3-4 hour smoke tube to get some more smoke. Whether it adds to the smoke flavor I would debate. I don't think so.
The Traeger will only get to 500ish degrees so searing a steak may or may not work. That is a good temp for burgers and they come out flavorful and juicy. I also love the Treager for chicken thighs and wings and thick pork chops. Brats come out fairly good on the Traeger.
I also have a Weber charcoal just because some things have to be grilled. Teriyaki chicken, island kine chicken, some dogs and sausages will also get grilled. I will do my steaks in a sous vide and finish on a very hot grill for a quick sear.
So I guess I don't prescribe to a single method of outdoor cooking but if I had to I would probably use a pellet grill for all around.
I do have a Mr Steak infrared grill in the RV for use and I was quite surprised at how well it worked. I plan on getting a small pellet grill that will run off of 12vdc or 120 (Green Mountain Davy Crockett) for use when we are out doing the RV thing.
I have never owned a real propane grill so I cannot compare anything to one of those. I always considered them outdoor ovens.
bob