No, he's not squandering anything. He's placing a higher value on time with his kids and wife than on time with an "ambitious" founder. No one deserves anything or is required to do anything.
"With great power comes great responsibility."
"To whom much is given, much is required."
That kind of thing.
It's amazing how few people in Silicon Valley make a billion dollars and then go on to do anything useful with it at all.
This criticism applies to the ten thousand people, like Sacca, that made a fortune off Silicon Valley and then "called in rich."
What would you think of Bill Gates had he not put his fortune to good use?