Yes, it is a good system, a serious update of the Transformer amp from the 90's, which had a footswitch pedal that let you navigate banks and presets within the banks. That had the WYSIWIG idea too, the LEDs tell you instantly what your amp is doing. That's a great idea.
Of course, there is the newest version - the Vypyr Pro, which allows blending up to 4 different "amps" has more effects and the Pro Sanpera. It really is just way too much for me to deal with!!! The Sanpera Pro is on the same page https://peavey.com/products/vypyrpro/
The Boss Katana has a similar system but modular - a six button footswitch with 2 jacks for expression pedals. Boss is simpler.
It would be fun to have one of each, including the Fender Mustang and whatever Line 6 stuff is out now. I would probably go with what is easy to program and makes sense. I LOVE the Katana for simplicity, they have two Banks of 4 Presets each - total of 8 different sounds. The computer interface for progamming the amp is beautifully laid out and easy to work with. The switch on the far right of the footswitch turns your preset into a pedal board with options for turning on/off distortion, effects, etc. plus a Tap Tempo button. It's simple, easy to learn, sounds great and gets the job done. I really only use 2 presets at gigs, if I added the expression pedal for wah it woudl cover anything and everything.
Plus the Line Out with speaker sim is really good so you don't need to mic it. It's tempting to just sell all the other stuff and get another Katana!
So far, I prefer the Peavey amp tones to Boss (Katana and Cube).
I haven't done a deep dive with Fender or Line 6. Line 6 looks like option overload to me, I like it simple at gigs and small on the floor is favored as well.