It very much depends on your point of view when developing the audio for a AAA game.
From a programmers point of view then yes the additional middle-ware could very well be rendered obsolete in terms of simply implementing sounds into the game or scripting things.
However when mixing and implementing audio it is of great benefit to minimize the amount of ...
FMod Sandbox is great when you're auditioning. Also, there's a tool named "Audition 3D" at Tools menu of FMod.
Both are great whn you need quick Auditioning.
Also, FMod has Network Auditioning tool which able to connect another device (Like XBOX) and recieve it's current audio with their exact parameters.
I also remember from my early years with the framework up until now, they never got ...