The difference between games like FFV and games like FFVII is that while FFV lets you learn everything it puts severe limitations on the amount of abilities you can equip at any one time. FFVII sort of tried to restrict you somewhat by separating black magic into fire/ice/thunder magic, white magic into cure/de-curse magic etc. but FFVII is so generally unchallenging that you only need one type of black magic and white magic anyway.

The result is that very early on everyone is a good spell caster, everyone is a good support character and everyone has a powerful summon. There is no real challenge because no matter how circumstances change during battle the character who's turn is up will almost always have the capacity to deal with it more then efficiently. Materia only gets more plentiful and more overpowered as the game goes on to the point where you start getting things like 2/4x cut, attack/all and high-level HP plus materia, at which point the game is an absolute joke.