I'll be honest, I'm inclined to agree with you. I've had MM on Ghost Town days, but showing up 15-30 minutes before MM begins there were still long lines to get into the park. Then everyone lines up and sprints into Fantasyland and seems to head straight to PP. So between waiting to actually get in the park, then waiting for rope drop, then waiting in the queue, I think my total wait time is 45min-1 hr for PP anyways.
Every other ride I enjoy in Fantasyland is a short wait even on pretty crowded days with the exception of Alice.
Heading to Space Mountain and basically walking on has proven to be a pretty good strategy when I've had MM, but even then it's basically two rides (Alice or Space Mountain, and it has to be one or the other cause the other one will have a decent queue by the time I'm done with the first) that I'm hitting up. So not too worth it for me to be honest.
I've even stopped going for rope drop for regular admission. I try to show up about 15-20 minutes later, there's no line to get in, but the lines for rides don't seem to be too crazy yet.