I'm sure there are successful and maintainable projects that utilize this design approach.
Nonetheless, the only thing I could think of after reading your example is just how many subtle bugs and inconsistent behaviors this engine will have with various edgecases, so I'm still pretty convinced I'd rather implement it with less abstraction/indirection.
It might just be a difference of character at the end of the day, because I do agree that what you write sounds great. I just see it more like a triangle in the CAP theorem, where the edges are speed, abstraction/extensibility and stability/consistency