I would have agreed with you a long time ago because Appleworks also included a basic database, but the years have rolled on and and the flaws in Appleworks became too great to continue with it. That point was well over 10 years ago.
Two major flaws are its lack of Unicode, otf support and poor font rendering. Then there is all the problems with color and output. It is really too crude for all but basic laserprinting.
As to its ability to embed spreadsheets, and drawings both were long ago surpassed by Pages. Pages spreadsheets are leagues ahead of AppleWorks, as are its charting and a good deal of its drawing. Pages '09 used to do a fair fist of data merging from Numbers and Contacts, at least to the level of what Appleworks was capable of. Unfortunately Apple has ruined both in the later OSes and versions of the iWork Apps.
I think you are very used to AppleWorks and having failed to upgrade never learnt what the iWork Apps did so can't compare.
I used AppleWorks but couldn't ignore its deficiencies. Pages '09 is an amazing productive tool. AppleWorks DTP and presentation abilities were miserable. Pages '09 is in a league of its own. Now Apple has basically sidelined it it leaves a real hole in a Mac users productivity arsenal. There is some hope coming up with Affinity Publisher later this year but I don't think it will do what Pages does. Basically nothing does. Word can do something like it but still comes a poor second in usability and quality of results. At least Microsoft continues to support and develop Word, more than can be said with Apple and the iWork, iLife etc Mac Apps.
To summarise, keep Appleworks on hold on an older Mac if you must, but look to a longer term solution elsewhere (ie Not Apple anything).
MacLink Plus is the OS9 conversion App that you can't remember and is long gone. OSX offers most of the means to convert files between platforms rendering it obsolete. I can't remember, but can't you export the AppleWorks files to Word.doc or rtf, even if not perfectly but at least as a start to your migration?
Hanging onto a long obsoleted Applications means you have only added to your work load now you more or less have to move to something more durable. Whilst I recommend users stick with Pages '09 and largely ignore Pages 5, that is only a Hold recommendation. We should see something soon to fill the gap.
Peter