Application?
I think adding something to my mental model of the world is a benefit, yes, but I'm not sure that's what you mean. I find that reading books enriches my life in a way that YouTube doesn't (with many, many exceptions).
Maybe let's try a concrete example: The Republic. It taught me about ancient Greek society, made me feel a connection to people that lived 2400 years before me, made me interested in the ancient Greek language, gave me lots of ethical questions to discuss with my friends, caused me to slow down and deliberately think through many important problems, and allowed me to take part in the intellectual tradition that people have been participating in for over two millennia.
It did not make me overthrow the government, so it goes under "roundly useless in application", but at least I "had fun", so I wasn't just "wasting time"?
What do you do with all your time?