Just focus on doing what's important in a timely basis and happily deprioritize the useless stuff.
In some roles you have to fight for work because different departments are fighting for org budgets. Some places are afraid to make code changes so you go to meetings while some people signoff others raise random issues with the project. Scheduling the project takes months. Then months of finding the perfect slot to release.
I also been in places that bill every 15 minutes. All client billing time was added up and should equal 8 hours. But there were never enough hours to go around. And clients would nickel and dime over hours.
With employers I'm not sure ethical matters as long as a need is met. But be ethical to yourself. Always work hard learn and grow because the industry changes.
If the deadlines are reasonable I wouldn't care. If they aren't, it's time to start reviewing glassdoor before finding a job.
This is also by and large a mindset you foster. There are plenty of companies where you have engineers on both ends of the spectrum (both having a lot of leisure time and little).
E.g. I would be happier if I could work fully focussed for 3-4 hours and then go home, instead of working at a slow pace for 8 hours so I don't get tired after 4.
Unless you’re taking a 2 week task and estimating 2 years or something, and then just goofing off in the slack time, which I’d consider... somewhat less than ethical?