Not really
Views modes are a great tool. They allow the building out of layouts that are reusable in things like views and blocks. But they can easily get out of hand. Too many view modes are hard to manage.
This should be a red flag to the UX designer. Why are there so many ways to view a single node?
There could be a necessity, but is it optimal?
Extra fields have access to the entity, so you can do A LOT of fun stuff. I have found it useful to combine fields that are editable or even building a new field.