Absolutely and as you point out the fix required is often a change of lighting, whether artificial or natural.
I will suggest though that this problem is common to all photographic mediums, the problem with slide film is that the fix has to be applied during the camera exposure because we are going straight-to-final-output. With negatives we can change the scene lighting or we can burn, dodge and manipulate when we print, or both.
This isn't necessarily the case, in fact Dunn and Wakefield essentially puts pegging to the shadows into more of a special-case-use classification in the grand scheme of photography. It's basic advantage being minimizing exposure, which is nothing to sneeze at, but not necessarily a priority for most shooters.
Personally I no longer peg any exposure to shadows, my choices are always centered on the mid-tones I want to print, shadows and highlights are simply allowed to fall around that come what may. I will on occasion use a high tone and an offset to peg my mid-tone. I avoid using shadows as a peg because I find judging them unreliable.
Onward, I'm not understanding what extra limits you see with color negatives, can you elaborate?