As long as there is enough fine material in the mix to fill in the potential space between larger soil particles, you essentially retain the physical properties of the fine materials only. E.g., ask yourself how much perlite it takes to make pudding well-aerated and drain well. It takes roughly the same amount as it would take to make most commercially prepared soils based on peat and 'composted forest products' (a catch-all nomer that might include anything with lignin or cellulose - or not). Imagine a jar full of BBs. In the mind's eye, you can see how well-aerated it would be if it was a soil, and how quickly it would drain. Add a small measure of peat and the drainage/air space disappears.

I grow all houseplants, cacti, succulents, bonsai, and material growing on as potential bonsai in a very open, fast-draining, well-aerated mix that doesn't support a perched water column (soggy layer at the bottom of the pot). It looks like

Al