The same argument can be made for sleep. And there might be a useful analogy there...
Psychologically "sleeping" (i.e. directing your energies in not-obviously-productive pursuits) bends your brain in a way that a relentless focus on "useful" work does not. This is probably true of all entertainment.
Objectively, the person who spends 500 hours getting a 6502 emulator working in JavaScript and then blogging about it, has added more to the world than the person who spends those same hours streaming The Simpsons.
...and also more than those of us who spend 500 hours reading the blogs of people who made crazy useless things happen...
But maybe the personal value of the diversionary time spent has some sort of parity..?
There's a way that the "default" perspective of the industry tends to emphasize certain skills and knowledge and de-emphasize others, but the world of useful skills is much broader than that, and things crop back up in unexpected ways. Maybe we'll never need to make calls with an antique phone, but there could totally be audio and telephonic applications on modern hardware where the average engineer would have no idea what to do, but someone who had worked on a "toy" project like this would be able to say "oh, this is just like an old [whatever]"