Given how much freedom I had as a kid (a lot, my earliest memories include me running around outside unsupervised), I think that kids can and should play by themselves or with other kids as much as possible. As long as there is a safe environment, I don’t think kids should need constant supervision.
Perhaps we are just imitating commercials of happy families running in fields of flowers.
It also gets easier, my son is getting quite into mountain biking, can't wait until he fits a proper one with gears and proper brakes. Finding that stuff that you and your kid really both enjoy is pure gold.