Denoisers allow you to use less samples than you would have used without them. To say that they remove the need for high spp is a vague statement that may not be correct in certain situations (what is a high sample count?). Same with your statement about low SPP.
If your sample count is too low you will end up with a very poor quality image. Literally rubbing vaseline on the screen type quality. The more samples a denoiser has to work with the better the results up to a certain point.
Generally denoisers are good for the last mile type situations. 95% of the image is done and you need to remove those last fireflies in the remaining 5%. Sometimes getting rid of the last 5% can take longer than getting to 95% in the first place.
P.S. Infinite bounces (with limits) is an oxymoron
P.S.S Just because something looks photoreal doesn't mean it is better, especially if that is not what the artist tried to achieve in the first place.
P.S.S.S Materials in CGI have advanced significantly over the past few years, so any attempts at photorealism in the past look dated compared to modern modern material setups.
Edit: If people are interested i can do a comparisons of different sample count on a simple scene so people can see how denoisers work with these different sample counts in an offline render engine.
Tak the neat video plugin for blender. You can get a great result at 3000 samples, without the need to render at 20000. Thus the whole point. Why the video is called reduce render times by 92%.