I think a lot of quality time is wasted due to the rat race starting in early childhood.
I live in a bit of a bubble in the commuter belt around London (ie not the US), but I observe some of the same obsessions here as well. In particular, I started to notice that my kid's friends suddenly had a lot less time for playdates in the year or two leading up to the 11-plus exam, which is a selective school thing. There are similar exams for the private schools in the area. Of course what was happening was that their parents would hire a tutor to help them pass the tests.
The effect of this tutoring is on the whole negative. Obviously, it costs money. It also costs time that your kid would have to do other things. But also, it gives the kids the impression that school is super important, and they will be valued based on the outcome of this test. You end up with a few percent who get into the top selective schools, and everyone else is left with low expectations.
Inevitably, it also means that it becomes a game for rich parents. I went to the induction day at the fancy school, and guess what. The parents are a bunch of professionals, virtually nobody doing anything else, and most kids went to private primaries + got tutored. We must have left some poor but capable kids in the wrong school.