I was trying to find a feature comparison for PaintShop Pro Ultimate and PhotoPaint, but was not able to find it. Is that a correct assumption that PaintShop offers much more features and flexibility for all kinds of tasks?
Yes but make sure you understand the core technology differences, PP - LAB, CMYK and spot color to mention a few, PSP does not support these required technologies, so work on files there and then take them to PP.