I agree completely with this. I have an Applied Physics Ph.D. and have a similar experience. I think that if you are getting a Ph.D. for a reason other than enjoying the learning and the education, then it doesn't make too much sense. However, if you have a great pleasure in the pursuit of the field and the research in it, then it makes sense to get a Ph.D.

We don't give enough credit these days to education being its own reward.