Text is definitely a more versatile, low-effort, high-value and ubiquitous medium that will never be beaten for human information exchange. It's perhaps not the best medium for all context but it is the best generic medium for interoperable information exchange (unix was right all along!).

Entertainment is often more enjoyable with rich sensory experiences and some amount of novelty. People with great imaginations are probably the folk who experience books that way but, for everyone else, rich media provides more entertainment value than text alone.

The Metaverse is entertainment. It might be great for parties, games and other virtual interactions/experiences but it's definitely more a medium for novelty and sensory excitement than for pure information exchange alone (obviously).