You do need all that if you want to perform maintenance on a bike. I assure you that the average person won't be able to replace a cassette, which is a wear item, with an Allen wrench and a socket wrench. Or replace disk brakes, or a chain ring, which are also wear items. I imagine you can use an Allen bit as a lever when you need to access tubes or replace tires (wear items both), but it does have high probability of damaging your rims, which, again will need lockring bits and a chain whip to replace, at least on the rear wheel. Chain is another wear item, I figure you can just hammer out pins with a thin Allen key to cut a new chain and use the same technique to remove the old one but your hammering technique should be very precise to retain the pin, you cannot put them back in once you hammered them out too far, not even with a socket wrench.
