Last 4 or so phones have all been GrapheneOS (I'm not buying new phones all the time to be clear; I use phones till they break; I'm just a long-time user) and yeah I've really had no problems to speak of. I currently have a separate profile with Play services for certain apps, and also just to isolate non-privacy-respecting apps that I have to have installed for whatever reason.
Almost all the apps I use are FOSS apps who are aware that a significant amount of their userbase will be using various AOSP forks so I've not run into any app compatibility issues. Even back when I used banking apps, I'd used 4 different banks' apps on GrapheneOS and all of them worked completely fine. Now I don't have a banking app because I won't install proprietary software unless I actually have to for some reason, and I can bank on the web just fine.