Absolutely, there is an overflow of entertainment, books are part of that, just like games. It's just that, like many things, you don't understand the choices you make until you get older.
You assume that games are worth it for the fun, that since it's so enjoyable, it's a good way to spend your life, but if you are honest with yourself, I think that most gamers are aware that 80% of the time you spend gaming, is out of habit and comfort and doesn't do much for you. There are some rare games that might mean something to you on a deep level, but that is so rare that it doesn't make up for all the time that it doesn't mean anything.
Like most here, I spend a lot of time on games, TV, and the internet, but I can't deny I would be better off if I was more productive, if I pursued a better career and spent more time with my friends. One thing you don't understand when you are young is how fucking hard it is to meet new people when you enter your 30's. When you are at school, you meet people all the time, when you get older, you really need a strong social network to come across new people. Because mostly you meet people through other people.
When you end up in your 30's and all you do is go to work and go home and play games and sit in front of the computer, it becomes clear that those teenage years was only partly about having fun, the rest was about developing work ethics, so you become capable and can pursue many careers and find the one you like. You only figure out what you want by trying many jobs over and over, you gotta be adventurous and tenacious. And that it was about building a network of friends so that you have an easier path to meet new people and build a family.
There is no coincidence that people are more depressed and isolated than ever before. Our current entertainment culture hardwires that sort of personality from your childhood.