They're not mutually exclusive. I have Shelly relays in my light fittings (not the switches) and use smart bulbs. When everything is working the wall switches just control stuff in HA. When HA is not working the switches control the relays in the Shelly directly, without HA.
This is the only solution I'm aware of that gets you all of:
* dimmable,
* colour temp and RGB control,
* regular switches that work as expected,
* no "forbidden" switches,
* lights always available for automations,
* lights go on and off with the switch when HA is down.
Philips Hue, and Zigbee direct-binding in general, can achieve this if you're willing to use their wall switches. Still works if the hub is offline.
Depends on your definition of "regular switches," I suppose -- but anyone with 3-way wiring (i.e. multiple light switches for a single socket) has given up on "up=on" for their switch.
This is the only solution I'm aware of that gets you all of:
* dimmable,
* colour temp and RGB control,
* regular switches that work as expected,
* no "forbidden" switches,
* lights always available for automations,
* lights go on and off with the switch when HA is down.