There are different ways to store your metadata in ArcGIS Products: Feature Classes can have metadata which you can add via ArcGIS Pro and Portal Items can also have metadata stored in Portal for ArcGIS. In both products you can store a lot of information about your data. But often you don't publish every Feature Class in your Portal. So you can't maintain your information about your geographic data on one point. Also there are no good ways to explore your metadata in Esri Products. For example you can't filter things like a list with Data that should be updated this month from a user X. And there is no overview over your metadata.
An Esri product is missing to get more out of the documentation of your geodata doesn't matter where it is stored. Best would be if that tool could also show dependencies like you Feature Class X is published in service Y (or portal data item Y).
Another possibility would be to establish an interface to other systems that are designed for metadata management, for example Microsoft Azure Data Catalog. I also published two ideas here:
ArcGIS Enterprise Portal Item Support · Community (azure.com)
ArcGIS Feature Class Support · Community (azure.com)
