While I understand and agree that a lot of time is wasted on purpose in large organisations, I don't think that argument can serve as a basis for what is effectively "it's difficult/impossible to measure, therefore its value doesn't exist".
I really would love to believe that this mindset is possible, but I run into the following problem:
If time really seems infinite to you, and you see the beauty in every "overly time-consuming" procedure, you must draw the line somewhere.
If you wait in line, and every minute, the next in line is served, and you are standing in 5th place, you might think "ok, we've got to wait..give or take 5mins"
Now imagine that every 50 seconds, someone cuts into the line ahead of you, with some plausible excuse (health-related, or "in a rush" or whatever else you'd accept).
How many people do you allow to push you back before you decide to no longer allow people to cut ahead of you? I think that's where you draw the value of your time.