if you're just using raw as insurance for an f-up, you're only realizing part of the game. bit depth is everything. color control (huge + here), precise tonal manipulation, and being able to reign in information from past both ends of the histogram (which can easily happen on a single same shot)... this all works to generate substantially better images, even for perfectly exposed, perfectly WB-ed shots. This is especially useful for area specific adjustments. not all parts of your frame are going to be colored the same, or optimally lit, why limit your adjustment range to rendering that is just averaged for your entire frame?
camera's are so good now, auto exposure, auto wb, etc is usually spot on. and the times when they're not are usually pretty easy to recognize beforehand (and compensate for). Yet still plenty of people prefer to shoot raw. it's not just an insurance thing.
another note. i shoot purely raw, and don't see a reason to save a jpg with it (aside from adding file clutter). i have to go through my images anyways, anything i want to keep but not edit i can just toss into a batch conversion with some default settings. takes me no more work than any other file drag + drop (at least for me, my computer has to do more work though!).