This is a discussion about embedding diagrams, no one seems to realize it, that's why there is so much confusion! The rubber sheet analogy which is an Euclidean embedding of the Schwarzschild vacuum metric only applies in this metric. You cannot have the rubber sheet analogy in any other context in G.R. It only applies for a static, spherically symmetric, vacuum, and asymptotically flat metric. Embed the S-metric into Euclidean space and you get the rubber sheet, there is simply no other context in G.R. which can produce the rubber sheet analogy.
The Schwarzschild solution, perhaps due to the prediction of black holes is the most popular solution in G.R. (other than FLRW), that's why these rubber sheet diagrams have taken on so much momentum, but they only apply in the S-metric case.
The idea then, is not flawed at all, and the embedding diagram is where the analogy comes from!