I think that we've steered away from the initial question here.
Is the work in the gaming industry a waste of time?
I've been a professional game developer for close to 14 years, before taking a break from it. So I do have something to say.
Whether the career in game development will be a waste of time, does not depend on the opinions of the people who attack video games publicly.
I'm not even going to comment on that.
The danger is in economics of game development. It may be a funny thought, but games are still a niche product. The niche is growing every day, but it is not mainstream yet. It is amazing, since games are one of the most natural pastimes for humans.
The games cost too much to create. Simply because there is no straightforward way to do so. Nobody really knows how to make a good game. So the risks in the industry are very high, and the industry is hit driven.
Unfortunately there is no "long tail" that can feed those who do not produce hits.
And when there is not enough money, there are a lot of different troubles going on. To keep stable, the companies have to be frugal. If a company is not frugal, it is either a consistent hit maker, or it is headed for the crash. Since there are just a few hit-makers out there, the chances of working there depend only on the power of your intentions.
Now choosing between frugal and doomed companies to work for, it is not an easy choice. In both cases, sooner of later you'll find yourself working together with the low-paid young enthusiasts who, unfortunately lack experience and are not very effective.
You will have to deal with long hours, crunches and burnout. Bad.
You can take the path Steve has taken - being an indy developer. And the benefits of that are described by Steve very convincingly.
But then you'll have to be much more then game producer and designer.
Game development can make you financially independent and free. It worked for Steve and it worked for me in a completely different way. But you will have to be really passionate to pull it off.
In any case it will be very valuable experience of either working in software development or building the business, while the product is actually fun.
But you may be better off both emotionally and financially doing something else.