When I was growing up we didn't have home computers let alone PlayStation to entertain ourselves. Handheld camcorders were barely coming to the retail market by the time I was in 8th grade, but still a long ways away from the YouTube and Facebook arena we now see today. Times were extremely different back then and so was school.
Homeschool worksheets are far more than busy work. They are an important part of making sure that the concepts you teach in your home school stick with your child. Just make sure you have a good source for providing the worksheets, and that they're the right ones for your kid or kids.
Save Money : It's easy to see how free worksheets can save you money. If you want, you can skip buying math books and just use worksheets that you get for free on the internet. All you need to do is use a "scope and sequence" book that tells you what your child needs to be doing in math by age and grade. This book is essential when you homeschool.
It is amazing the difference in effort you will get from worksheet to worksheet. Granted the amount of effort may vary immensely from year to year depending on the group of students you have.