It is true that we can experience flow state (being “lost” in the process) not only when hearing or reading a story, but also in many other everyday activities, like when we play game, or just walking, staring at the sunset, listening to music, chatting with friends, etc.
But notice that not all activities are equally language-rich. For example, we may be lost for hours and hours in a nonverbal game or a game that’s not language-rich, but it doesn’t give us language-rich input needed for language acquisition and literacy development.
So no matter how comprehensible or compelling an activity is, if it’s not language-rich, then it alone is not efficient and strategic for the purpose of language acquisition and developing literacy.