Developing fine motor control for cursive is actually improving cerebellar function. It turns out that the cerebellum is a general "organ" for fine control and synchronization of neural function across the brain. It is implicated in:
* Reading and responding to other people's emotions.
* Emotional regulation.
* Generalized sequencing.
* Musical ability.
* Counting.
* Following patterns.
While you may see it as a waste, you may very well have benefited in significant ways from learning it at a young age.
One kid in my school didn't write cursive, but wrote block letters so beautifully, it looked near printed. And he was probably faster than most. He also played the piano since young age and is a professional pianist now, so yeah :)
So I would totally put it on the same level, theoretically. That is, you can write block letters with just as much skill and care as you can cursive, I think. Just like you can write cursive by just doing squiggly lines (as doctors write prescriptions).