That's true. But streaming services are also heavily underutilized. My Netflix subscription is used by 5 to 6 people - that's why I actually pay for the highest tier, to minimize the chance that somebody will be locked out because others wanted to watch something else at the same time. Even 5-6 people, I doubt my Netflix account is used for more than 10-15 hours a week in total.
Maybe it isn't. But I can't imagine that people with a job, household chores and/or a degree to finish spend significantly more than that when averaged over longer periods of time. Sure, I sometimes did binge-watch a whole TV show in two weeks. But then I didn't open Netflix for another two months, so it averages out.