Maybe that requires a child having some built in proclivity towards some manner of creative expression or physical activity, who knows.
Also, giving your children unfettered access to the internet is not the same thing as giving them money for a slot machine. They don't have money unless you give it to them. It's not difficult to prevent them from having unlimited access to your credit cards.
Children will grow up into adults that have access to all this stuff anyway. Better to teach and manage excess early then restrict.
Before that, we had no limits. After that, self moderation was lost. They would play forever and turn into monsters. The then-7 year old would pee in his pants and keep playing.
You and I, as parents, are both fortunate that our respective children received the gift of constant attention. I fully admit that this experience-everything attitude works a lot better when you're actually there to provide choices, knowledge, feedback, etc. Two working parents who hardly see their kids during the week would have a different perspective.
I would set the limit at "you have to do something other than school and tv/internet/gaming in your day, on most days."