As for family time: Why not both? My mother made it a point to have me hang out in the kitchen and help out and, as a result, I like cooking and know how to do things ranging from "What do I have left in the fridge?" to "Alright, let's make something fancy". Obviously having the kids use knives isn't smart until they are older, but just having them peel potatoes or hand you stuff is a good bonding experience. And, when they ARE older: you got yourself some cheap labor
And, to get back to the skillset thing: That really helps with saving time. I generally DON'T plan my meals (weekends when I am not out and dates are the only times I really use recipes). My food shopping is generally "What is on sale? Alright" and then I roll from there. And a lot of that goes down to being a kid and watching my mother figure out what was left in the fridge. Sometimes you make an awesome quiche or casserole. Sometimes you just throw some rice in a pot, saute some meat, and then throw a can of vegetables in near the end. And sometimes you are eating bologna and ramen.
Nobody sane is saying to go super all out or to never eat out/eat takeout/frozen food. But home cooked meals are generally healthier, a lot cheaper, and teach kids how to eat right and fend for themselves.