No, I don't believe fuel and depreciation are being destroyed. I think that is the difference between this situation and the broken window parable. They are simply being traded for a service to arrive at destinations swiftly. If we judge purely off opportunity cost the billionaire's time is worth a lot more than the average layman. The extra cost in the goods and services of a private jet may very well be worth the expense to the billionaire.

Fuel and depreciation are only destroyed wealth if there is no lost opportunity by not purchasing them, and that entertainment alone is not a sufficiently worthy value.

Presuming so would also argue that the majority of human endeavor is also waste; everything from entertaining TV shows to having small animals as pets to music lessons to trips to private space flight to works of fiction.

umm that is literally the opposite of broken window fallacy