Every SaaS product claims to be flexible. 'Purpose-built' is a different claim -- and the difference matters more than it sounds.
You get toggles, custom fields, and settings menus -- real flexibility, but only within the shape the vendor already built.
A purpose-built tool doesn't have a settings-menu boundary -- if the workflow needs a new page or a new table, that's just the next thing to build.
Ask what happens when you need something the tool wasn't designed for. A generic tool says 'not supported.' A purpose-built one says 'okay, let's add it.'
A concrete example
A generic project tool lets you add a custom field to a task -- a dropdown, a date, a tag. What it usually can't do is add an entirely new kind of record, like "vendor," with its own relationships to tasks and its own workflow. That's the settings-menu boundary in practice: infinite flexibility inside the box the vendor drew, and a hard wall the moment you need something outside it.
Why this boundary is invisible until you hit it
Most teams don't discover the ceiling in month one -- everything fits fine at first, because early needs are usually generic enough to match what any vendor anticipated. The ceiling shows up 12 to 18 months in, once the actual process has evolved past what the original configuration was designed for, and by then switching feels like starting over.
What to actually evaluate before choosing
Not "does it have a setting for what I need today," but "what happens when I need something that isn't on the roadmap." The answer to that second question is the one that determines whether a tool still fits in two years, not just at signup.
Both approaches are legitimate -- but only one of them keeps working as your actual process keeps evolving past what a vendor anticipated.