The question is whether reacting to peaks identified this way can be helpful or not. If you have hundreds of thousands of metrics, how many peaks get detected per minute and how many of those indicate something that actually requires attention?
There are many ways to sort peaks out. For instance, there is a script for RRDtool that removes obviously irrelevant spikes [1].
The vast majority of hundreds of thousands metrics are common for any node/server actually, so predefined recipes/settings should be used for them. Only aplication-level metrics for only in-house applications have to be tuned manually.
