I like fractions. When I want to know what time it is, and check the clock, I subconsciously use fractions to tell the time. When I buy a hat I know that size seven is too small, that size seven and one eighth is a perfect fit. When cooking fractions are used, either through measurement or experience, to provide the right quantity/weight of the ingredients. Fractions are used in the calculation of how much the petrol station, and the government, are ripping me off for the cost of petrol. None of it shows up as one number over another, but without the underlying knowledge of fractions, and how they can be applied, well like I have recently said, "stupidity is the new norm".
There is without doubt a lot of time wasting in schools, as there is in any large organisation. There is without doubt content taught in schools which may have no direct correlation with the subsequent adult life of an individual. Education, within organisations, is not based on the individual, it is by necessity a broad sweep of the brush. It would be nice to be able to tailor a child's education to suit the adult they will become, but unless someone invented time travel and didn't tell the rest of us, we don't know what that adult life will be, or how it may change.
There are many problems within our educational system, but in my opinion fractions isn't one of them.