I feel like there's more to do in Stormblood compared to Heavensward, at least.
Even so, the devs said as much that they intentionally designed the game so that people with just a couple of hours every day can easily keep up with what's relevant at the end of the day, and to go play another game on the side (or sort out IRL affairs) in the meantime. It's not meant to belittle the playerbase, it's just basic empathy for players and is actually a rather self-sustaining model to prevent the kind of burnout that causes people to unsubscribe permanently (out of a belief that the effort to catch up upon returning is so insurmountable that it's not worth continuing). The issues this game has in another MMO that expects more of your time every day to keep up would not fly over well.
Although I do mention that the devs have at least succeeded into getting me into raiding precisely because there's not much else to do otherwise.
All that said, the content cycle is pretty concerning. Eureka was an attempt to break out of it, but even that is starting to become a part of the cycle itself that I'm not sure people legitimately enjoy.