I will half, sort of and maybe disagree with
@Byron. I have raised generations of fish with only live foods. The main one is freshly hatched artemia, with some whiteworms, grindal worms, daphnia and mosquito larvae. Some of the variety is seasonal - daphnia and mosquito larvae are out of the picture in winter.
I would like more variety, but fruit flies have been a problem food here. Most easy live foods are large, and my fish are small.
If I try commercial foods, I get close to zero breeding and slower growth. Bug bite type flake does okay. But
if the fish is a natural insect eater, flake is not great here. I include all brands. I can use some for colour intensity, if the fish will eat it. I have a dip in whiteworm production and tried a sinking pellet made of shrimp over the last week, and saw eggs in my S. barbatus cat tank this morning, so that works.
Flake seems okay for fish that are omnivores, especially ones that feed on algae and detritus in nature.
My tetras, if I am not thinking of breeding them, have a flake based diet, and flake was always fine for livebearers and most Cichlids.
I have fish that have been breeding here, generation after generation for 30 years. I doubt they would have made 5 years on non live food, even though they eat ground up soldier fly larvae, decapsulated brine shrimp eggs, powdered krill and other dry foods. They'll pick at flake, but they don't become good breeders on it.