I really think this thread has to specify the types of video games it speaks about. Because games range from CoD-like X-to-Win shooters with endless changing backgrounds to something more elaborate and harder than real life activities, while being relatively short.
You are right that this makes a difference. I think the difference might be relatively small though. At best the experience can be comparable to having read a great fiction book (Disco Elysium, Life is Strange) or a good social experience like playing with your friends online while using voice chat. Online games with total strangers can be challenging and fun, but also a blur. I've spent way too much time playing Rocket League for example and my experience in hindsight would have been the same off I had only played for like 5-10 hours. And then there are pretend-work games like Factorio, Kerbal Space Program or even more obvious Zachtronic games like Shenzhen IO. The latter might be great exercise for non-programmers, but you don't actually accomplish anything and still exhausted the same parts of your brain.