Indeed. I tried to explain this truth to my employer once. He didn't get it. Now he's not my employer, and their site's traffic plummeted to 30% of what it was when I "spent half my day farting around".
Farting around isn't. It's accessing inspiration. It's competitive research. It's market research. It's natural link-building. It's accessing actionable information. It's expanding your mind to think outside the box of your perceptions. It's relationship-building. It's really important, even though it's difficult to forecast the ROI of such "R&D"