If I'm mass producing a bunch of headshots for small sized web display and the customer isn't very particular (eg, grade school "yearbook" photos, a page of fire department volunteers, etc.), I love PP because it allows me to crank out many more reasonable looking images with vastly less effort.
OTOH, if I'm producing an image or two that will be scrutinized more carefully, and / or for a more discerning customer, I correct blemishes, bags, etc. at the pore-by-pore level, use frequency separation techniques, manual burning and dodging, the patch tool, etc.
On occasion, if I realize that I've slightly screwed up the lighting ratio or positioning of my lights, I have used just the re-light module of PP to make a quick fix. Also, if a little slimming is requested on a more serious headshot and I can't immediately get it quite right with puppet warp, I'll sometimes use the sliders in PP to give me ideas of what to change.
What I *never* **ever** use on a higher end headshot is PP's smoothing, blemish removal, and CC modules.
They certainly are not horrible, and probably produce better results than many PS newbies could do, but I know that I can do better ( if I spend a bit more time & am motivated to do so).
HTH,
Tom M