Efficiency or effectiveness of a solution is what elicits external satisfaction. Others appreciate you for your efforts when it benefits them greatly.
I think both sides are necessary! Some people naturally favor one vs. the other, too, and respond better to one of these two types of feedback.
Hard work also depends on the context and again we're talking about school where students have limited choices over what they're working on. I hated writing. I still hate writing. Spending long hours writing an essay on Camus didn't make me feel satisfied, it made me feel drained. Even if I'd gotten an A ( I can't remember, I might have if only because no one else was dumb enough to take on French extisentialism ) it wasn't satisfying because I didn't care if I was a good writer or not.
Resiliency is becoming more important in our increasingly feudal society. Learn to roll with the punches and don't expect hard work to be rewarded.