Well, it really depends on what you're looking for when you pick up a game like Morrowind. Arena and Daggerfall were dungeon crawlers. Morrowind was a hiking simulator. People looking to "game" Morrowind are barking up the wrong tree, just like people (if they exist) who look for a "complex turn-based battle system" in Final Fantasy. The whole point of that game was to hoof it and seek out new and interesting locations for discovery's sake. There was a ton of reading involved in Morrowind to highlight this point - from the wiki dialog to the myriad of books. The people who install extensive fast travel cheats for Morrowind are probably the same people who install those nekked better body mods. They're really in the wrong place, but if they enjoy it, then full speed ahead.
To say it's fun to walk past a valley a thousand times is a gross mischaracterization. You don't walk past the same valley that many times. And you know, sometimes it's more enjoyable to delay gratification instead of having everything thrown at you instantly. This "all reward no work" meme is what's wrong with the modern gaming industry. There is no more leg work, it's cutscenes and huge gun battles and cheat mode health regen to get you back in the action all the time. You know what, I never enjoyed facing all those low level enemies or walking around cut and pasted corridors in Wizardry, or spending all that time on the world map in Fallout, but at the end of the day, when I leveled up, reached that boss, or entered that new location, it was worth it. If the down time wasn't there, the good moment's wouldn't be anything special. I cannot enjoy Mass Effect because Shepard never chills the fuck out. PST drove me nuts by constantly throwing plot points at me, but I liked Icewind Dale for its pacing, sense of exploration, and for moments like finally facing that damned snake chick after all the trekking through the wilderness and fighting goblins and those goddamned trolls.
If you have better things to do, then don't play video games. They are a total waste of time if you do not enjoy them, since not one has been able to reach the intellectual equivalent of a classic novel. Achievements, high scores, the uber items, faction reputations, and all that other shit you rack up is just a collection of 1's and 0's. If you appreciate them for what they are, and appreciate the game for its experience, then you have indeed wasted your time. If you didn't enjoy Morrowind's hiking experience then don't play it, but there is a surprisingly large amount of depth to be found beneath its surface if you enjoy playing the archeologist or historian. If you're just trying to beat it so you can say you played it, because you have some inane drive to WIN ALL GAMES AND EXPERIENCE EVERYTHING, then that is borderline autistic.
I wonder, now, how you were able to spend all those months working on the Arcanum patch. I could never do it, and some people might just call it borderline autistic. I mean, the game is popular only on several small message boards, and Troika will never exist again, and many of the bug fixes were mostly inconsequential. Most people have better things to do than sit around and spell check old dialog files. Was it a waste of time? Or, perhaps, did you see that this game could achieve an even bigger cult status, the glory it should, if only some modder would show it a little love? Now when anyone says "recommend an RPG", a poster can confidently say Arcanum + the unofficial patch, and the player can experience the depth that game holds without getting frustrated because that goddamn Vollinger decided to pick up that giant boulder and now you're completely fucked because you saved before realizing he was still inching along on the other side of the map. Now, what about the experience in Arcanum? Certainly people have better things to do than watch the map screen scrolls, and play through Shrouded Hills and the thieves a hundred times just to try out different characters. But why should that bother a person if they enjoy the world of Arcanum and its new-found stability? I can understand the people who install mods that dramatically unnerf tech, but I say some of the thrill and fun in tech comes from the challenge it provides. Finding new schematics, building stuff, checking shop inventories for new gizmos.. it's all great fun. Complete waste of time if you don't enjoy it, however.
tl;dr: You're wrong, Drog ol' boy.