Thank you for that post. I love hearing pseudo-intellectuals bemoan the focus on the college social life, and smirk knowingly because they're almost always from the liberal arts. College is about so much more than what you learn in the classroom, especially at the undergraduate level.
I am a professor, and I get to watch a lot of students evolve as they flow through the system. Speaking generally, my experience with them is that the first two years are largely a time of exploration. They are learning to balance their lives between social activities, work, and their academic obligations. They are discovering who they are. Those who drop/flunk out aren't stupid, usually, they just haven't found that balance. It's a clear sign that they simply aren't mature enough to tackle college. The last two years or so, they tend to find a field that interests them and focus their efforts in that direction. By then, they have mostly come to discover how to juggle the various challenges in their lives, and that often includes a boy/girlfriend.
During the undergraduate years, I think that the personal growth, and learning how to prioritize and balance responsibilities, is at least as important as academic growth. Graduate school is an entirely different experience, where the academics take center stage, and things like a social life become largely irrelevant as part of the maturation process.