Laterite just makes the elements plants want to use more available. You still need to fertilize even with a high CEC additive.
I still have one tank with a traditional flow under gravel filter plate active so all the dinosaurs aren't dead yet.Way back, when dinosaurs still roamed the planted tank world, and chelated iron was not readily available, or at least not available in LFS, people latched onto laterite as a way of avoiding iron deficiencies, which were believed to be the major problem with poor aquatic plant growth. (One of many mistakes being made then.)
Now that few dinosaurs are left in the hobby, laterite isn't used a lot.