They absolutely do. I benefitted a lot from sports as a kid. You just don't need to put as much money into them as many schools do. For example many schools nowadays have their own pool, or multiple stadiums, dozens of teams with multiple long distance travel a year, and so on, while a lot of that could be using shared infrastructure or done outside of the school.

And often the vast majority of the money in sports is concentrated towards a very small fraction of the student population, often for regional pride above their self-actualisation. A lot of high school athletes are quite miserable or do it out of social pressure.

I'm not saying we need less sports, we can just do it with less money that is better allocated.