I agree with @Burzin_Sumariwalla and @ranielsen, and I myself use a PLM.
I have also in the past used the Insteon Hub, but all that being said what you cannot do with the Insteon binding itself is configure your devices and/or create Insteon scenes. You will need 3rd party software to do this and since the 3rd party software will require use of the same PLM, you’ll have to shut down your openHAB Insteon binding to do this (although this is quite rare, it is still a PITA). People who use the ISY device and binding report that the ISY has an interface unrelated to OH in which you can configure all devices and scenes directly without any other software.
I use https://github.com/pfrommerd/insteon-terminal to configure hardware and manage scenes, but this has some learning curve to it. Other people use the (now ancient and unmaintained) Insteon Active Home Windows software, by unplugging their PLM from whatever device they run OH on and temporary connecting it to a Windows Box.
There is actually a 3rd option as well. The Insteon<->MQTT bridge https://github.com/TD22057/insteon-mqtt
I’ve never tried this one either, but have considered it. This runs separate from OH but can be connected to OH via MQTT, which if you do not know, is a very universal databus for smarthome automation. This bridge is reported to also have built in device and scene configuration as well.