You have made a great observation! Head cement is over-rated. In the "old days", tying thread was not pre-waxed. Today's waxed threads do not really require head cement at the eye, though most/many tiers still apply.
On certain flies, during the tying, a tiny amount of head cement might be helpful........for example, if you want a little added security at the base of wings, etc. Even then, if you do a good job of tying down with today's thread, it shouldn't be necessary.
My most respected tier, Bob Jacklin of Jacklin's Fly Shop in West Yellowstone, uses a lot of head cement in his tying, but I don't think it is really necessary, myself anyway.
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