Depends on the game: I could have justified £70 for RDR2 -- I've got loads of hours of enjoyment from it; I couldn't justify it for, say, Crusader Kings 3 because I've barely got past the tutorial for CK2 without giving up.
This is one of the oft ovelrooked factors in the gaming price.
Per hour, yeah, its cheaper generally then most of your other go arounds. But the movie/rock concert/etc you generally are gonna get the whole thing.
If you shell out your 60/70 on the game, you're going to run anywhere between 10 minutes and 60 (or more hours), but unless its a pretty known commodity, you may have no idea which end it lands on.
Most of the AAA's are, for better or worse, known commodities. Their audience knows what they're getting. The folks who enjoy an Assassins Creed are getting 60-100 hours of Assassins Creed for their money. the COD/Fifa/Madden etc dudes are getting literal hundreds of hours and oft times also socialize through those games as well (akin to going out with your buddies for drinks, except your buddies don't have to be physically available). You get the odd hiccup (Fallout 76 for instance).