Vance and Mike, and Mike,
akadama is great stuff. It does break down. It is up to the caretaker to keep an eye on it and replace it when needed. Much like you have to monitor wire, and remove it when it starts to cut in.
Is akadama NECESSARY? Of course not. If it is not available, or too expensive, substitute something else. In the pumice, lava, akadama mix, akadama's function is to retain water. If you use a 50/50 mix of lava/pumice, neither of those will break down, so then if the soil stops draining, it's likely full of roots. Just know that such a mix will most likely require watering more often since neither lava nor pumice "hold" water. If you can't water more often, then putting a layer of New Zealand spaghnum moss on top of the soil ( not mixed in ) will retain water.
The primary reason for the all inorganic mix is to prevent root rot. Peat moss, pine/fir bark etc can often hold too much water at the bottom of the pot. And yet the top looks dry, so the tree gets watered when it really didn't need it. This sets up the root rot.
Akadama holds some water, but not as much as the organic material. And while it does break down into smaller particles, being inorganic, it doesn't rot. Yes, if left too long, akadama can break down to be almost a solid block of clay. I've seen it. But only when the mix is 100 percent akadama. Most of us don't do that, it's only a third of the mix.
Akadama is a tool. A tool for keeping trees alive in pots. Like most tools, when used properly, you get great results. When misused or neglected, you get poor results. Like fertilizer. Used appropriately, the tree is kept healthy, and grows well. Put on too much, it can scorch the leaves, and even kill the tree.