Everything you said is totally right, but at the same time there can be applications for VR that rival real world experiences. Don't have the thousands of dollars for a European vacation to see the Eiffel Tower? Don't have the thousands of dollars to buy a front row ticket to the World Series? Want to watch a pride of lions hunt in Africa close up? Want to experience a true Star Wars experience complete with spacecraft fighting all around you as you take out your light saber and duel with Vader? etc. etc. VR can be a ticket to many things that many can't feasibly experience in real life. Especially when other things begin to catch up like smells, tactile experiences, mobility, etc. AR is another story, having overlayed information at your fingertips sounds really good on one hand, but on the other hand is just another information overload that we keep accepting without thinking about our mental health.
I get it about social media, I have 2 kids and my life revolves around keeping them away from social media and ensuring they have tons and tons of real world, face to face interactions. But I gotta tell you, it's a losing battle as kids nowadays put a lot of value into social interaction over the internet and it's only going to get worse as technology improves. The world changes, and just as parents were afraid of smartphones changing their kids social patterns, and before that they were afraid of the internet changing their kids social patterns, and before even that they worried about television and radio changing their kids social patterns, here we are now doing the same thing with VR. How antiquated does it look when we think about parents railing against having a television or radio in the house, but it's how our kids will think of us in 20 years for better or worse.