In my field, we typically just use plain bibtex files. With a proper bibtex file and a decent journal latex template, the template should do the vast majority of the work towards formatting the bibliography the way the journal wants.
Typically there are some remaining warts (both due to suboptimal templates and to limitations of bibtex itself and its community/ecosystem like the address vs. location conundrum, those who have found it will know what I'm referring to), but often they are insignificant enough to just deal with them in the typesetting stage, and when they aren't they don't require much manual work, to me it's not even near the top in the ranking of inconveniences of publishing a scientific paper. And I'm not sure this kind of software would solve such nuances anyway.
Some years ago I tried several of this kind of referencing software, including Mendeley and a couple others (not Zotero because at that point it was Firefox-only IIRC, which was a red flag for me, I'm particular about using the browser I like) and to be honest I found them more trouble than they were worth, although seeing the general positivity here towards Zotero I think I'll give it a try now.
Of course, fields that use Word instead of Latex are a totally different world where probably nothing of my comment will apply.