Well, that's an argument against multi-tools as well.
True. And I would make it if anyone suggested only a multi-tool was required in a survival kit. I think every list on this site that I have read has a multi-tool in addition to a large variety of other tools, but most especially a good fixed blade and/or folding knife, and usually both. Back up in depth; don't put all the eggs in one basket!
Cold, exhaustion, dehydration etc. can cause you to put something down, forget to pick it up and walk away from it...
YMMV