There’s already a feature request for this: https://forums.plex.tv/t/id3-tag-support-for-robust-music-library-organization/
And yes I agree, it’s 2020, we should be well past using pathnames/filenames as metadata.
“Various Artists” compilations support in Plex is…somewhat problematic. For example, track artists aren’t indexed, which leads to issues like compilation tracks not being listed under the Artist, and popular compilation tracks getting ignored in Radio channels. Also, since Year and Genre(s) are album-level fields, a (compilation) album in Plex can’t contain tracks from different years or genres.