Edit: I once spent/wasted almost 2 years of my life trying to develop the ultimate ORM. In the end I replaced it for a simple directory structure of API end points where every .php file does a specific job with good old SQL queries in there.
Also working with databases with thousands of tables and relationships, hundreds of developers, weekly database schema updates, etc..
We still use raw SQL, stored procedures, jobs, profiling to understand current db hotspots, etc.. ORMs have their time and place just as everything else.
You can deliver business value with boring glue code.
Edit: wait smarty still a thing!?
Edit: oh yeah Smarty is still a thing and so is PHPClasses.org whilst I think about it.. I've nothing against PHPClasses apart from it tries to pass itself off as something other than it is.. an amateur coders exchange.
Also what you just said is widely applicable - by your thinking, all programming languages are "a waste of time" and an excuse to not learn how to write binary files/machine code by hand?
Also, it doesn't have to be black and white - ORM or no ORM. No one is forcing you to choose between using an ORM for all of your persistence or not using an ORM for anything. It is continuous - you can use ORMs for a *proportion" of persistence logic.
Few more points, but I think the drift is caught.
The sad state of the php world is that there is no other option but to use it. If something is on fashion then it _must_ be adopted. Writing your own is considered insanity and so is taking a different path than the mass, regardless of for good reason or not.