Agreed. A few follow-up points:
1. Frugality isn't a binary state. There's a balance to be struck. Some people really do waste money on frivolous things that don't actually bring them much real satisfaction, and in that sense being more frugal is definitely worth it. But once you've eliminated most of the excessive spending habits, the payoff of frugality really starts to drop aggressively as you cut out more and more (diminishing returns). Skipping your $4 latte isn't really gonna change the game for you if you're trying to become Bill Gates.
2. Frugality to me is kind of the "lowest common denomitator" of financial strategies, which is why so many "experts"/"gurus" tend to preach it. "Spend less than you earn" is a dead-simple concept and worthy advice to a certain extent. But trying to increase wealth more and more by cutting out less and less is not really a great long-term strategy, especially if you're interested in achieving significant gains in wealth. It's arguably much more effective to invest time and energy into things that will increase your earning potential over time rather than fretting about small guilty pleasures or trying to squeeze a couple more basis points of return out of your portfolio of mutual funds. Things like: gaining a valuable skill that's in-demand; honing and improving those skills over time; taking on leadership/management responsibilities; starting a business; meeting and forming relationships with people who are smart & successful or at least aspiring to be; etc.
See also: https://xkcd.com/947/