Agree with your above reasoning, Andrew.
Personally, I find that my 12-100 rarely leaves my E-M1 MkII. With (relatively) modern sensors and modern PP software, f/4 is perfectly usable.
Combined with an f/1.8 prime of choice for dark times.
I also take my 8-25, f/1.8 25 and 75-300 MkII.
Or...