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Not really. Their fully realized amp models (as opposed to captures) have as many params as, for instance, Helix or other “white box” modelers. Whether those QC amp models are composites of black box captures or not, I couldn’t say. I know that’s been the rumor for some time.
Yeah in terms of standard controls it’s all there, but you can’t say “swap tubes” or disable power amp simulation, because their modeling method doesn’t distinguish between various components of the amp. It’s just an end sound. “If this gets turned, the resulting sound is this.” Their method is kind of cool, but has its advantages and disadvantages.