The parameters for x264 present everything you need in the correct different dimensions (speed, compatibility, quality, type of content like animation/film/screen recording). The problem is solved, the issue is people built frontends on top of it and present the options in a wrong way that ruins them.
Yes, the x264 params are all useful. It's selecting the optimal combination for a given use case that presents a challenge. Vimeo's video quality (and therefore filesize) is much higher than FBs, because their use cases are completely different.