Well, no. If you can do 1 AES block per second, that's a throughput of a blazing fast 16 bytes per second.
I know that's a pathological example, but I do understand your point - a typical workload on an MCU won't have to do much more than encrypt a few kilobytes per second for sending some telemetry back to a server. In that case, sure: ChaCha20-Poly1305 and your job is done.
However, what about streaming megabytes per second, such as an uncompressed video stream? In that case, lightweight crypto may start to make sense.