For practical purposes (keeping focus on the hole issue). A hole must be created normal to a particular surface. If you try to place a hole within a 2D sketch, there is no surface for the hole to be normal to. In fact, there are a LOT of different surfaces that could result from the same sketch. Sp that is why you cannot place a hole within a 2D sketch.
As far as the 2D vs. 3D argument. You do realize that the SAME arguments were made when CAD departments were transitioning from board drafting to computerized 2D applications? Now, the same arguments are being used in the transition from 2D to 3D. The overall reason to transition is the same as it has always been, improved efficiency throughout the entire design process. Sometimes, to improve efficiency MORE time is required in a particular area in order to decrease even MORE time in another area.
Man vs. Machine tests were done during the computer revolution too. Guess what? The manual drafter won! alot! That was, until they figured out that they weren't accounting for all the time correctly. When that first revision came down the pike because the shaft needed to be 1.25" instead of 1" in diameter. Uh-oh, now you have to redo the entire drawing, or most of it. But, the intrepid CAD user finished the redesign quickly. Now calculate the total time. CAD wins, hands down.
When a 3D part is used in the preliminary design, it is VERY easy to complete all of the parts with a minimum of fuss. On top of THAT, being able to put the whole darn thing together in an assembly enables us to check for interference issues and other assembly issues well before we order prototypes.
So, even if we increase the ammount of time needed to effectively describe a part (3D model vs 2D drawing), we have reduced 2 prototype cycles (average protos was 3.3 per project, now 1.2) and thus reduced time to completion since each redesign necessitates new lead times. Thus, we have reduced total cost and total time, though the actual part modelling may have increased slightly (debateable in my opinion, but immaterial).
Of course, this is all my opinion.
Jim