IME, what is important, regardless of the number of baits an angler may have,
is to know & understanding how, when & where to use whatever the collection of jerkbaits (for example) in each type of different fishing situation an angler might come across.
If I fished the same lake, that same way at the same time every season,
then a bare bones collection of baits would probably do the job well.
But fishing a variety of lakes, where I can face an almost infinite number of different deals and conditions, has taught me that these situations require a bit of a bigger tool box.
Just for starters, there's deeper baits, shallower baits, different size & profile baits, loud baits, silent baits and then there's the mind boggling number of colors & patterns.
Only way for me to know what works in the waters I fish, was to try a bit of it all.
Takes some time & effort (and $$$), but even though I'll always still be learning & evolving, a few baits in each location and in each certain situation, on each certain lake have proven themselves as superior to many others I have. That can not happen for me with three baits.
Finally, as much as we like to think we can 'pattern' bass, and figure out 'what bait they want that day and how they want it', I do not subscribe to that mantra. In my mind, each & every bass is an individual creature. With it's own like & dislikes, preferences and tendencies, and although they are Schooling fish, that may not mean every fish will bite or wants the same bait in the same way.
This seems especially true when it comes to the larger, older bass I seek.
One subtle little tweak to a presentation or a color, or a depth, a profile or a sound, can mean the scale goes to a new number not seen by me.
A basshead needs time on the water to figure some of this out and it's always changing.
The lessons learned come with many fishless days, just like watching 'deep dive' videos.
btw, I watched that clip and it's pretty good, however Matt omitted the entire silent bait deal. I'm OK with that though.
YMMV
A-Jay
https://youtu.be/zIqCmH_52IQ?feature=shared&t=1215