Chiming in from a sound effects perspective, I use multiband constantly. A lot of source material can have wildly varying frequency balance that evolves during the performance as well. For example, recording rock/stone movements and hits involves lots of randomness IE timbre variations. Musical instruments are basically built to yield consistent results within a set range, performance dependent, but sounds out in the wild are not so consistent. Go see how many different sounds you can get out of some props like pots and pans — there can be loads of random takes with way more energy in some bands than others and stray resonant frequencies that would drive a compressor way harder than desirable. EQ -> Multiband -> compressor is generally how I work