To the first order this is correct, but don't forget that people are much more productive when the work is engaging. As a contrived example, suppose you waste a third of your time on some wacky things to make your work life more fun and become 5x more productive as a result. From the economic perspective it is a bargain! OTOH, if a lot of capable people are leaving the industry or operating at 0.2x capacity as a result of burnout, it is a massive economic inefficiency.

Agreed on the goofy gimmicks part though. They get old very fast.