One exception would be the Buck Zumhofe-Bobby Heenan series from the AWA in the early 80's. They had Bobby dominate the offense in several of their matches, with a stip that if Heenan couldn't beat Zumhofe in ten minutes he would get stuffed in a weasel suit. The gimmick that they sold (and, to their credit, consistently throughout the existence of the belt, the "didn't make weight" stip made many bouts non-title over the years to set up "at weight" rematches) was that Heenan weighed so much more than Zumhofe that it would make a significant difference in who would get the advantage in the bout. And, they booked it that way, with Buck being on the defensive against Heenan in their bouts, with Heenan throwing the kitchen sink at Buck trying to get the pin and avoid the Weasel suit.
Heenan could actually wrestle so him showing off an offense was ok. He was a very credible wrestler. With most Managers this would not have worked at all.
I agree with your initial assessment overall, Heenan-Buck is just an example of how an exception to the concept can actually work ok.