I agree with this. I mean, a lot of psychedelic trips made me feel that I was "one with the universe", a transcended higher being or something bizarre like that, but at the end of the day they were still just trips. I also imagine that a lot of my views back then were shaped by excessive obsession with people like Terrence McKenna and other thinkers like that. Maybe I would've tripped differently otherwise.
I honestly preferred the predictable nature of opiates/meth or the other prescription medication I was on. Drugs in these class are pretty honest about what they're offering.
In any case, you're right about the "lots of drugs make you think you're smarter than you really are" bit.