I think the sacrifice can be overblown at times. I'm not an amazing runner, but I'm not bad at all. When running great I'm a 1:06+/- Half Guy, when I'm running good I'm closer to a 1:08+/- guy.
I realized when I was around 26 that my life was more fun when I had money and was pursuing my career, other hobbies, etc while still devoting a good amount of time to training and racing instead of being poorish and being obsessed with racing.
I work 45+ish hours a week in marketing, Which means I work 8:45-5:15 most days and skip lunch break to work and then maybe work an hour at night 2 times a week to catch up/get ahead.
Every day is pretty much the same wake up at 6:45, do easy 4-6 mile run every morning from 7:00-7:45, shower, go to work by 8:45. Get off at 5:15, drive home unwind, play with my dog an do a workout from 6:00-7:00 whether thats an easy run from the house or a track workout or road tempo, etc. Either way I'm usually home between 7:00-7:30 get a beer or two cook dinner watch the game, put on album whatever, have drinks with friends, etc. (just not before workout days).
This schedule equates to around 85-100mpw
I don't feel like I miss out and since I like what Im doing I enjoy it. I still participate in hobbies I like when I want (skiing, kayaking, riding, hiking, camping) Go get beers when I want on weekend nights after workouts. I just don't go out and get obliterated because whats the point anyway.
I think the biggest benefits from being "sub-elite" are as follows
1) Qualify for US championships because those are some great races, unique memories and you meet some great people, and have great stories
2) You can usually get free shoes/gear to subsidize your hobby
3) You can pick up a a few thousand dollars a year if you pick races correctly
4) Regional Races sometimes give you a hotel at a cool city or location which is nice because you can turn a race win with $$$ and a hotel into a free vacation
5) You're doing something that keeps you fit and mentally happy.
So yea, being sub-elite can be great. You basically get to pursue your hobby free and reap some benefits even if you are essentially a no name on the big scene.
I love this lifestyle.