I've been using LaTeX for over a decade and I've never heard/made these arguments about LaTeX "separating formatting from content" except when a colleague has painstakingly written a torturous macro to accomplish some fussy layout. And then we happily \include{their code} so that we don't need to look at that godawful mess mixed in with our prose. (okay that's a lie, my prose is interspersed with tikz arcana to make coauthors weep with pain and readers delight over the beauty of my figures -- yes there's some sadism and masochism involved, let's not deny it)
Latex gives a powerful basis for document editing that can be learned in hours. It's not special in that regard, and easier markup languages abound. For me and others, LaTeX is a turing-complete, flexible, high powered typesetting engine with good defaults and no handrails. We're programmers, not graphic designers, so we can handle a little (well, a lot) of flagellation to build intermediate tools in the language which accomplish repetitive tasks.
All that shit about the language being easy and helpful? It's written by fetishists for sure. Knuth is a big fan of literate programming but the code he writes is a godawful stab through the eyeball. Maybe somebody with more refined tastes in code structure could do a better job. But they haven't and we use LaTeX, so buckle up kiddos you're mathematicians now