I haven’t thought of it as “paper” before, but more as “tape”. You can use SMRs if you vomit large blocks of data onto it (128k or more to match the disks minimum size), and somehow keep tabs on where your blobs are on this “tape”. It will probably work great as holder of data in that regard. You would not be able to take an object in the middle, grow it 55k and write it back into the same place, just as you can’t do that with tapes. This parallel also shows that noone would run a file system on a tape, it would just be weird to think it would work, even if disk and tape both can store data on them, it still doesn’t mean they are good at the same things.
People still use lots of tapes but they have systems that talk to tapes in the manner that tapes wants to be talked to, and they do not try to squeeze disk behaviour onto tapes. My view of SMRs is that if you can find a way (a driver, a “filesystem”, a program) that will treat the SMR disk as a tape, moving the index to something outside and only putting large blobs onto the SMR in a decent linear fashion, you can get great value for your money. You can read it as much as you like, in small or large chunks, but the writes need to know how SMR behaves, and from what I know now, zero file systems seem to know that. They act as if it would be optimal to make 512b or 4096b changes and then move to another cylinder and repeat. This will give you super poor performance on SMR drives.
The bad part of SMR is that they do have a “fast” part which acts like normal disks, so you can benchmark poorly and get “decent”, normal results and then move on thinking that you were lucky. But as you use up this fast part, the disk will internally move data from the fast part onto the slow part, while you are trying to also inject data, so you are not getting the slow performance, you are getting even slower than this, because internally it is causing IO on itself. People who end up in this situation do the wildest things, including resetting the computer/NAS box, but the SMR will just restart these internal ops after power-on, so it just keeps being bad until you stop writing more and then wait for long times.
You will easily find posts like this:
https://www.reddit.com/r/DataHoarder/comments/i2zmum/i_knew_smr_had_slow_write_speeds_but_1mbsecond/?rdt=48564
where you get to learn how the drive is going to be busy for hours or days while you see 1990s hard drive speeds.
So, if you treat it like a tape, let it flush from the fast part into the slow at some point of the day, you can get value from it just like you can get value from tapes if you only value cost-per-TB, but if you value any other thing, like interactive performance for small ops or disklike behaviour (like you have when fsck/chkdsk runs) then SMR is not for you. Regardless of the price value.