For my hobby, I don't do any of this analysis. I attend a class every week and outside of class, I practice daily. I don't ask myself if it is time and money well spent, I don't have an end goal in mind (aside from the vague goal of "learning another language") or any idea how this fits in to some bigger picture. I just do it because I enjoy it. If I did all the same sort of analysis that I do at work in the context of my broader life goals, my bet is that I probably would come to the conclusion that learning this language is a waste of my time. But, what is the point of living if you spend 100% of your time achieving goals and none of your time enjoying your life. Thus, I spend time on hobbies outside of work.
You mean like attending a class every week and practicing daily?
As another example, I also read fiction. I don't set goals like "I want to read X number of chapters this week" or "I want to read for X hours this week", nor do I track how much time I spend on it. It is purely for enjoyment, it doesn't matter.
I suspect that the same could be done with your idea of a strong and clear goal.