I actually come from a different perspective. My DD is at a school that does not do a pull-out gifted program. Classes are mixed abilities, but they do try to group a few gifted students and/or high-achievers together in a classroom, so DD is not "on her own".
Because the school has a small class-size and 2 full-time teachers in the class (one lead, and one assistant-many assistants have teaching certifications), differentiation does happen, and for the most part, it happens well. DD had one-on-one time with the teacher to work on vocabulary, and deductive and inferential meanings in her reading. She was able to start the spelling curriculum earlier than others, and explore some units further in depth (esp. the artist unit - she delved into the biographies of Michelangelo and Monet).
She also helped other kids in her class learn to read during the "read to others" time. This is a once-a-week reading time where the kids partner up and read to each other. DD was usually partnered with a struggling reader. At first, I was frustrated by this, I don't want my daughter to be a teacher's helper. But over the school year, I realized her oral reading was vastly improving. Whereas previously she would read-aloud so fast you couldn't understand what she was saying (she can read at almost the same speed I can), now she reads with expression, appropriate pausing, and emotion.
In another, aspect, DD has an EC child in a wheelchair in her room. She has formed a very special relationship and bond with this sweet child, who is not verbal. There is another child in her classroom who is partially blind, and a third on the ASD spectrum. The school places a huge importance on diversity and inclusion, and I can see that reflected in the way my daughter views others. It is so extremely different from the way I was raised, and does serve as a reminder that, at least for this family, school is not just about academics.