Human time costs way more than CPU time.
I remember that it was proven that any algorithm on mutable data can be implemented on immutable data paying no more than O(log N) cost for that. It may be a very reasonable cost for all the benefits immutable data bring, like absence of data races, and general simplicity of operation which makes programmers' job way easier. The general thrust towards functional and immutable in the industry is not (just) fashion but real benefits in the speed and quality of writing the code. See how React, with its pretty purist functional and immutable approach, took the world of web dev by storm.