The truth is that humans have a tendency to be lazy. It's not a simple case of equal substitution; we will happily choose inferior substitutions which require less effort (or expense or time or complexity).
Will people choose to "travel" via VR? Yes. Will this reduce real-life traveling? Absolutely. The sense of having been somewhere will reduce our need to actually GO there.
I this the rise of VR will see many become thoroughly entranced (addicted?) and less productive and even alive than they were previously. We will see society split into two groups: one large, one small. The small group will be comprised of the productive, who limit their entertainment consumption in any medium (but especially VR). This group will be exponentially more affluent than the much larger group. The larger group will be comprised of the numerous people who already consume what is already available through any medium: Netflix, Xbox, cable, internet, tablets, phones, etc. These are the people who (best case scenario) have a full-time job, but they spend every other possible waking hour watching or playing something. More and more of this group are working less and consuming/playing more. And we're not talking about real life here. Just think about World of Warcraft--but on steroids. It's going to be insane how addictive VR will be once the bugs have been ironed out.
In short: I too worry that this is something the human race is not prepared for. I worry that our proclivities dispose us to losing ourselves in it at the expense of our real life and responsibilities.
The truth of the matter is that, anecdotally, I look back over my 38 years and I can see the impact on my life of the digital revolution. I want to do more with my life, but oftentimes the allure of the easy "hit" via Netflix or the internet is more of a draw than spending my free time learning languages, exercising, meditating, working on some of my app ideas, writing, or reading. Instead I choose the cognitively easy "hit" at the expense of my personal development and health.
Think about smartphones and tablets. They can and sometimes are used for meaningful and productive purposes. They can be very useful tools. But for most people they're a distraction and a time suck. Which is to say most people spend most of their time on their devices not doing anything meaningful: playing the latest hot game, Facebooking, Facetiming, Snapchatting, reading the news (as vapid as it is). I predict VR will be more of the same.
Either way, we will see...