The same concerns should apply to books then. I've spent almost all my free time as kid and teen reading.
But I admit, reading in general was way less popular compared to smart devices now.
But first off, most people didn't do that sort of reading (if ever) until they were a couple of years into school, because of the reading skill threshold, and second, the books tend to hook you only to the extent that they offer a compelling story, and generally run out pretty soon, with some reservations about re-readability.
Contrast that with things like the parents at a New Year's party I attended recently, giving their two-year-old daughter a touchscreen phone to keep her pacified, and she sits mesmerized poking stupid bright colors and sparkles, not making eye contact, ignoring grown-ups when they did talk to her, except when pressed about being offered ice-cream, which she declined.
Ponder that. Poking brightly colored sparklies is higher priority to that kid than even taking a break a few minutes for ice cream.
I think you did pay with other opportunities for your reading, but I suspect it also gave you a lot that you would be willing to pay that for over again if you were asked to consciously make the choice. There are real trade-offs involved.
But anecdotally from what I see, the books were introduced at a less sensitive stage, hooked into better motivational systems in more benign way, and gave more back for the time spent. Time on the sparkly poking slabs can also be paid with time that would normally be used to tune the fundamentals of how it works to be a functioning human being, and for a great many uses it's not clear to me that it gives all that much back at all beyond cheap thrills in the moment, whether it's some slot-machine-like like matching game, restyling your selfie with a cartoon dog nose, fall-on-your-ass-videos or Facebook.
The quantitative differences are so big that they qualitative differences, and some caution is in order.