Just came back from some fairly difficult off-roading in my 4x4 truck. Recently had a Eaton TrueTrac helical LSD installed in the rear, and it was a real eye-opener.
We did much of the trails in 2WD. My wife kept wondering why I wasn't using 4WD, I told her that I'd use it if we needed it.
A few parts NEEDED 4WD, and I found 4HI wasn't a HUGE improvement over 2WD.
However, the real magic of a 4WD system is 4LO.
On big, steep rocks, using 4HI, my truck would rev up until the torque converter locked and then the truck would go up the rock while doing some wheelspin.
On the same obstacle, in 4LO, the truck would basically idle up, barely needing any extra throttle input. The calm control from 4LO is where the real benefit from a 4WD truck/SUV becomes apparent.
I wouldn't be surprised if a 2WD truck with HLSD (not VLSD, that would get destroyed from too much off-roading) or locker and an actual 2LO mode could really nearly keep up with a 4WD.