Quite aside from the fact that you
can use toy games to illustrate a point, and that people like Bill Chen and Jerrod Ankemann, to say nothing of Andrew Brokos, have done so.
Old Man Coffee opens in the cutoff with a range of {88+, AQs+, AQo+}. Lucy Gousee hasn't been paying attention, and calls in the big blind with her usual range of {JJ-22,AQs-A2s, K7s+, Q8s+ ,J8s+, T7s+, 97s+, 86s+, 76s, 65s, 54s, A9o+, K9o+, Q9o, J9o+, T9o, 98o} (She is three-betting QQ+ and AK, so when she flats, her range is capped.)
I think we can agree that these ranges are realistic for the sort of players we are talking about.
The flop comes 6h 5s 4s.
Run these ranges and this board into Equilab, and we see that Old Man Coffee is a 2:1 favorite overall. Lucy has tons of air in her range, while the old man has only AQ and AK -- and his air is significantly ahead of her air.
Board: 4
5
6
*******Equity*****Win*****Tie
CO*****66.91%**64.61%***2.30%*{ 88+, AQs+, AQo+ }
BB*****33.09%**30.80%***2.30%*{ JJ-22, AQs-A2s, K7s+, Q8s+, J8s+, T7s+, 97s+, 86s+, 76s, 65s, 54s, A9o+, K9o+, Q9o, J9o+, T9o, 98o }
However:
The old man has no sixes, fives, or fours in his range at all. The only suited connectors in his range are AKs. Lucy, on the other hand has 76s in her range, and all the sets. She also has many, many more flush draws than he does.
Old Man Coffee has a huge range advantage over Lucy Gousee. However, Lucy has a tremendous nut advantage over the old man.
Range advantage and nut advantage are two different things. If you do not understand this, you play deep-stacked NLHE at your peril.