Many developers spend a lot of time "sharpening the axe" for the alleged excuse of increased productivity. At what point this actually causes the opposite effect?

I'm proposing this question since I've come the realization that your tools aren't as important as the internet people make it believe, at the cost of countless wasted hours.

Sure, I may be faster than average at editing code and I can customize any aspect of my programming environment, but what if the time spent learning this knowledge was invested in actually useful knowledge.