You clearly don't understand the purpose of the initiative of giving out these machines to all students, it's so that they are assured that every student has a computer to do home work and the assignments they get at school (not every student can afford a laptop, surprise!). If OP has better hardware, good for him, he can use that instead for school work and reddit in his leisure time.
Also, you're meant to have the chromebook at school everyday, not very practical or smart to bring your own more expensive shit everyday is it?
And no, I personally don't think the whole spying on students with the cam is very good. But locking out sites like reddit etc is definitely for the better if you want your students to actually use it exclusively for the purpose they were given out to them in the first place.