Are they being shortchanged? Yes. Is it generally worth it anyway? Again, yes. Players receive a free education worth 20-50k per year. They only play during the season, and do some training in the off season. It's nearly impossible for a college student to make anywhere near that much money in the part-time jobs available in college towns.

College sports are also just about the only possible way for a high school athlete to go pro. The connections, coaching and training available give athletes an enormous advantage over someone trying to go it alone. It's still a relative long shot (something like 5% of D1 athletes go pro), but going pro is the best chance most athletes will ever get to be truly wealthy.

As to your complaint about the degree, the student can get a degree in whatever they want. The school doesn't care, but the school doesn't care about any student. It's always up to the individual to decide whether to get a fluff degree or something more substantial. And as to the time commitment, sports don't take any more time than it does to work your way through school with a typical job.

Are there risks? Yes. Athletes understand them, however, and truly debilitating long term injuries are quite rare. Athletes choose to accept a slightly elevated risk of disability for a MUCH higher paying "job" than they could otherwise get, and a pretty decent chance at truly excessive wealth and fame. It's not fair that they see so little of the massive profits that the NCAA makes, but it's not perverse, either; it's a very good deal for the athletes. Just, you know, not as good as they deserve.