You definitely get less code written than you would individually, but at the end of it everyone involved understands how the code works and why it conforms to the requirements which keeps your team's general knowledge high and turbocharges training for juniors.
It's also just pleasant to do a genuine team activity and have a laugh with people.
This is all coming from someone who greatly prefers working on their own to doing paring etc btw. It is nothing like the joy of getting your mind spinning at exactly the right speed, becoming one with the problem and smashing out a solution - so don't mentally compare it to that. It's much more like hanging out and brainstorming stupid ideas with your friends on the couch.