Can someone explain why dividend investing is not worthwhile in the longrun?

I read this article on dividend investing and this post.

The argument against dividends seems to be two-fold: 1) you're taxed on the dividends, and 2) the share price drops in value by the amount of the dividend.

My question is about #2. How much does this matter if the price of the stock rises? For example, if the stock is $100 today and they issue a $4 dividend, then supposedly the price will drop to $96. But what if the price of the stock increases over the year and it's $125 and they issue a $4 dividend, so the stock is $121. Aren't you as the dividend investor way ahead now?

I am primarily asking because I am trying to understand SCHD which has been going up over the past 6 moths. Although you get taxed on the SCHD dividends, it does not seem like #2 (share price dropping in value by the amount of the dividend) is occurring enough to make the stock unattractive, if anything it seems very attractive.

Also, since VTI pays dividends, doesn't it deal with the same #1 and #2 issues?

Thanks!