I was responsible for a MS dynamics implementation at a public company. I would agree.
(This was also my motivation to start my own financial reporting startup: what if we designed a system in the year 2022 to be able to support big businesses without it being as awful as big business software.)
To be honest, i think that even if they offering overlaps with SAP R/3 or S/4HANA, they overlap at the lower end (500-5k employees) and not really at the top end (> 100k employees) where MS sits.
Furthermore, AFAIK Microsoft started using SAP well before they acquired Axapta.
MS uses Dynamics for a ton of internal processes, just not all of them. I suspect the SAP installation predates the existence of Dynamics as a product.
So that's what Dynamics is...thanks for that; I feel like I never hear about any ERP software other than SAP which I found weird, though not as weird as the fact that I've never met a developer at SAP, only implementation consultants...
(Microsoft uses SAP as an ERP).