It is pretty much exactly the same, but in Morrowind you could go up in those attributes through normal combat, in Skyrim you can't invest in smithing without becoming OP.
I question whether or not you even played this game.
Someone doesn't have to use all three skills. Just as in MW and OB you don't use all the skills, that's called being a completionist and not playing your character to their role/class. Now, I have used all three skills. It does make you powerful when you get all three up there. Provided that you start at lvl 1 these skills start at 10 (or 15 to one of them), end at 100 and with 10 increases = 1 level increase, you will level your character to 27.
If you make your gear, then enchant it, and use pots in combat to serve a purpose, your skill with your weapon will still be low, and so will your armor. The game will be easy for you....sorry I said that wrong...the combat will be easy for you (there is more to this game then just the combat) but you won't be godly.
Then there are the perks you have to invest in these skills that could've been invested elsewhere and result in a character just as powerful.
Now, if you enchant alchemy improving gear with max enchants (using the enchant/alchemy loop), then enchant smithing gear and use maxed smithing pots to craft and upgrade and enchant the top gear, then yes you will be godly.
Are the skills the problem individually? Absolutely not.
Are the skills the problem when using all 3 independently? Not really.
Are the skills the problem when you bounce back and forth between them to enhance their effectiveness to the max the game will allow then use them? Yes.
So don't use anything that increases the effectiveness of these three skills.
Anything that I find that is +% to alchemy, enchanting, and smithing either left where I found it are sold.