So, yes, you’re basically correct.

There are search layers that remove the need to access radarr / sonarr directly when searching for shows (someone mentioned jellyseer, for example), so that part of the process can be streamlined, and once you’re watching a show it’s generally very good at pulling new episodes as soon as they’re available, so you’re typically, at most, a day behind actual airing dates. But if you’re trying to just bounce around and try a bunch of different shows it wouldn’t be the best for that. The biggest constraint is generally the speed of your internet and the popularity of what you’re watching. With a high speed connection and a well seeded torrent it’s often only a a couple of minutes to download a pilot episode, and you could have the whole season done by the time you finish watching that.

The other question is one of storage. If you’ve got plenty of hard disk space then you can probably afford to just throw anything that sounds interesting on your pull queue and work your way through it when you actually have time to sit down and watch. Basically you sort of pre-emptively build your “Netflix at home” library and then do your bouncing around channel hopping stuff with the five or so vaguely interesting shows that you added while you were at work.

Is it a replacement for Netflix et al? Not strictly speaking, but if you don’t mind changing up your habits a little it’s probably close enough.