Note that this is specifically for write/modify operations. You can perform multiple SELECTs in parallel, so depending on the workload this may be acceptable. As the devs say: "Experience suggests that most applications need much less concurrency than their designers imagine."
It's my understanding especially with WAL mode that it's fine to read and write from multiple processes (I hope so because I do this) it's just that any write locks the entire table.
The only issue is that you'll need to take special care when backing up the DB file (but this is probably the same for most DBs even today.)