I believe that it can be applied, but there is a realism required to be adaptable. The circumstances don’t always clearly align in a plug and play model; therefore, the “perfection” that you stated seems unrealistic. I agree that it is perhaps one of the best depictions of “strategy”. In many organizations, there are individuals who loosely understand what strategy means and this may be the crux of the inability to perfectly apply the model.
I firmly believe that this is a very comprehensive and practical framework to go about developing strategies. The fact that this article shares deep insights on how to go about it practically, by analysing each of those 5 components at an industry level, makes it a very handy tool to apply them effectively and make successful strategies. Hence, I find the approach suggested here to be very much application-oriented given the length at which the author has gone to explain and shared techniques.