QTE's can be really good, and that type of button pressing can create some really fun situations (the fights in Heavy Rain were all excellent) but you need to be smart when making them and they need to be properly integrated into your game as a whole. Sadly basically zero developers except Quantic Dream have ever put any thought at all in how to make them. For example insta-death is incredibly stupid and should never ever happen. The very minimum is they should take multiple failures in a row before things go bad.
Secondly the action of pressing buttons should trigger parts of your brain that feel movement. Each button has to be designed for exactly how it feels and how the action of pressing it feels. Again in Heavy Rain when you were frantically stabbing at buttons, it felt like frantically throwing every in to stop the fight from dying. And by making you hold certain combinations of buttons (on a controller at least) you can replicate in your mind the sort of difficult gymnastics required in say pulling you off a ledge. The language of the QTE's needs to be legible and resonant. When people press circle they need to be associating in their head that circle is block etc.
You can't have one cutscene and paste QTE's on top of it, you need a branching cutscene. If I miss my block, the punch should connect with me and the fight continue's and now I'll feel even more panicked, like I might be losing the fight and need to do everything I can to survive it.
Finally that integrated into the gameplay thing is important. 90% of games shouldn't have QTE's in them, it needs to fit with the way your game plays and it needs to be reliable and understandable enough that a player expects QTEs in certain circumstances and it flows naturally. If someone ever realises that they need to switch into QTE mode and get their head into gear, you've failed utterly as a designer.
So they can work, but you can't be lazy and almost every game that uses them is just using them as a easy stop-gap for action, when actually they're a very difficult mechanic and require as much thought and design attention as any other piece of gameplay in a game. You wouldn't throw in a random shooting segment every now and then without bothering to calibrate the mechanics to fit perfectly to your game, so you shouldn't be doing it with QTE's either (see also, turret sequences)