How big of a deal are native assets?

As someone who is more familiar with blockchains where assets can be issued natively on chain, native assets seem amazing to me. In my eyes they reduce a layer of complexity by eliminating a whole subset of smart contracts that exist to represent and distribute an asset on a chain that does have smart contracts, but does not have native assets.

Can someone more familiar please enlighten me with their thoughts? Are the smart contracts involved in issuing an asset on a chain without native assets really not that complicated and can be easily audited or something?

Without naming specific blockchains, are native assets not a hugely important development? On my chain of choice I can see if an asset has clawback, how many were minted, distributed, etc. And the assets have the same security properties of the blockchain’s native token.