Meat substitute tastes a bit like processed meat but it isn't. Indeed meat substitutes taste sufficiently like meat that many meat eaters eat like meat substitute as well as vegetarians. Meat substitutes typically have similar protein content to meat without saturated fat. One difference between real meat and meat substitute is that meat substitute doesn't have the same meat juices and doesn't make the same rich stock I remember from the time I used to be a meat eater. If you're adapting a meat recipe for soup or stew it may be a good idea to make sure the stock is tasty. You can try adding cheese, yoghurt or strong flavoured vegetables like tomatoes. See if you can think of something that fits your recipe.
Meat substitutes are highly processed and manufacturers don't tell us much about which additives the put in to make their product taste like meat so it's a good idea to limit how much you eat. Vegetarians who dislike the taste of meat have no reason to try them. Vegetarians who gave up meat for ethical reasons can get from meat substitutes something that tastes a bit like meat without animal welfare problems. It's worth while checking the contents of meat substitutes as some contain large amounts of salt and too much salt is unhealthy.