Bertrand Russell worked hard to write that. Work that we love to do falls into a different category.
By then he had been jailed for Pacifism, written Principia Mathematics, and been Wittgenstein's doctoral advisor. And his most productive years still lay ahead.
[1]: http://www.thebookoflife.org/the-great-philosophers-karl-mar...
Although I like and appreciate the point of it, this time one enjoys "wasting" shouldn't have initially been labelled wasted if it was actually enjoyed. Maybe I'm picking on the words too much.
Perhaps this quote is intended to invoke a sense of strange loopiness. It's a proper defense to those who might feel guilty for being the type of idle that Russel describes. Once understanding it, one must wash away any notion (or criticism from society) that they are wasting time.