We looked at Parcel Type Admin Boundaries in 2.6 and had some issues. Now that 2.8 is out I am looking at this again.
Business Case: Our administrative boundaries are managed by our cartographers (along with taxlots). Our admin boundaries are managed as taxcode areas. Taxcodes have a many-to-many relationship with a variety of taxing districts (fire, school, city, transit, etc.). Over 95% of the time these boundaries are coincident with taxlot boundaries. Changing of taxcode boundaries (annexations of any district) are initiated by a "legal" record of some kind. Every spring our cartographers process these annexations so that they are included in the next tax season valuation (Very simple overview)
For the reasons you state above and since administrative boundaries are usually managed by the cadastral agencies, we created the administrative parcel type. We know of a few customers that have implemented it for their county but they will have to step forward themselves.
With the ArcGIS Pro 3.0 release scheduled we developed a new tool called 'Transfer Parcel' that will help manage administrative boundaries - specifically an 'Annexation' workflow.
The Transfer Parcel tool will also support other record-driven workflows like ROW vacation and ROW dedication.
Here's a glimpse: