Most mobile keyboards will do autocorrect as you describe it, and show top-N alternatives when you go back and tap on the autocorrected word. I prefer this to it mocking my mistakes and making me pay penance by manually accepting the correction.

Yeah I'm thinking about my desktop computer. Also, I find that the autocorrect on my phone is not that good, especially when the first letter is incorrect.

macOS at least will autocorrect stuff by default... I typically turn it off within a few days of a fresh install after getting annoyed by some correction I didn't want.

Yeah that's what I do also. If it got smart enough I guess I'd leave it on, but I have not experienced anything remotely close enough to consider it. Also, it changes stuff without me realizing, and sometimes makes things worse.

I prefer the opposite since it absolutely trashes proper nouns and makes it extremely annoying to type bilingually.

The worst is when it automatically corrects, you delete the correction and type the exact same thing, then it automatically corrects to something else, repeat.