Like so many questions, Bruce, the answer is 'It all depends on . . .'
With simple camera movement between shots the Auto Align function usually does a good job. I think you need something like 40% coverage between images and you need to allow sufficient cropping area around the scene to cover misalignment of edges.
It gets a bit more complex with subject movement within a scene. Because I am hand merging shots as layers it is often still possible to do an exposure merge if the moved subject is retained within the image background so just one shot of the subject and most of the background is used in the merge.
For example. Consider a person walking along a street with a wall as a background. If I am using the person and the wall as my main background layer it doesn't matter if the person has moved, subject to sufficient shutter speed, as long as the wall and person remain relative to each other.
And within that scene, there may be overly bright/dark portions of the wall which can be corrected using portions of the highlight/shadow shots carefully 'painted' over the background layer.
Auto HDR merges use parts of the images selected according to brightness levels so subject movement becomes a problem when the 'wrong' areas get selected.
But, if you get subject movement outside of the related background area you have a serious problem. For example leaves blowing in the wind against a sky background. This cannot be altered using a merge of bracketed exposures. In which case, I start with just one image then create duplicate layers which I can push in different directions from the original Raw file using ACR then combine together as a merge. Such as one copy pushed towards best highlights and another edited for best shadow use.
Shooting Raw is a great advantage in all cases because it allows for simple image manipulation before doing the merge.