No it doesn't. You are confusing the ideal of a PhD with the reality.

Most PhDs are doing bland derivative safe stuff, to get their degree and get a job. Very few are doing anything legitimately original. And most of them won't get a job in their field anyway. We have way too many PhDs because they are the cheap labor for teaching in the university systems, that have over-enrolled for decades so they have to hire less faculty.

Most of my cohort in grad school did not belong there, at a mid-level state school. Only about 1/4 of us were serious about our studies. Yeah, at elite schools you will be doing original research for sure, at most low/mid level programs (and there are a lot) most PhDs are just people with good grades killing time tying to figure out what they want out of life, and a PhD is a good way to do that for 5-10 years. The time to graduate has been going up to over 6 years on average now.