If you need to generate Profile Manager XML files and not want to use Android Studio, you can use the standalone Windows app named StageNow. StageNow has parity features to Profile Manager of EMDK.
The benefit for Profile Manager as an plugin to Android Studio is to allow for dynamic settings from within a business application. While most settings are static, in which case one could use StageNow, other settings need to be set dynamically based on where users are at any given tine. For instance, all radios would be disabled when a user enters a hazardous location. Then radios are turned back on when exit. Another use case is turning off the audio from the device when entering intensive care and back on when leaving. These can be user controlled through buttons within an app or set automatically through business rules.
the main advantage to have it integrated in the IDE is that, well, it's there when you need it. Another advantage is that it knows about your project structure, so it can create the profile XML in the correct asset folder.
Anyway I agree that having it available outside of the IDE would be nice (my preference would be in this case a web application that generate the XML).
Stagenow serves a different use-case (using the stagenow client on the devices to read the profiles built on the PC).
On top of that, I think that StageNow's XML format is NOT 100% compatible with the format required by the EMDK...
Thanks for the suggestion!