Just to amplify that: Lightroom was developed for people who specifically wanted a Catalog - to escape from the sort of file based working you describe.
Those who were perfectly happy with file based working, which had been the only game in town before - at least from Adobe - have continued to be free to work in that way instead. ACR parametric editing is no different so far as what you can do - but how you work in doing that, is very different.
So, the Photographer's bundle offers you the choice of two radically different workflows:
- literal management of images on disk via Bridge, via ACR for parametric edits, into Photoshop for other editing and output
- importing to Lightroom (Classic or cloud based) for virtual management, subcontracting some editing tasks out to Photoshop, and with both output and parametric editing able to happen on-the-fly.
Either of these can connect to mobile apps and (to some extent) talk with the other workflow, via the common linking resources of Creative Cloud.