Yes a full stack developer can probably handle a small project begging to end. But that project has usually the following components. DB/API/UI. See I am on purpose avoiding the words backend/frontend. Unfortunately not everything fall in that category and you need overspecialization. I always worked (with one exception) in companies that required that specialization and I have learned to appreciate that.
In my current workplace Dev teams include dB admins/Dev ops/Telco engineers/back end developers/front end developers/internal systems devs/3rd party integration devs.
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