Much of what you are discussing is the difference between “ideal” and “possible”. Meaning it’s all great and fine to do the long ride work with long events in mind, but that’s not possible for everyone. I also believe the long stuff is not “necessary” in every case, but that depends largely on your goals for that event.
If you are aiming for the best of best performances that you want from yourself, the long work may well be appropriate and needed. But lacking that time, it’s entirely possible to get the bulk of the training needed in the abbreviated means discussed above. Even if all you do is 2 hour max workouts, it’s not as though your legs fall off at the 121 minute mark. People can and do stretch past that “limit” all the time.
What happens after that timeframe will vary on many factors, but it’s totally possible to push well beyond that to ranges of double or more. It’s just that you have to plan for how that affects you in ways that may differ a bit compared to actually hitting longer training sessions. Much comes down to pacing, fit & comfort, as well as fueling at those longer times. Get those right and you can have a very good result and experience stepping well past your “training time limit”.
Plenty of us have done it with great success. I don’t think people should limit their chosen event purely from training time. You do have to make the best of the time you have, and then plan your event and set your expectations appropriately, but it’s quite possible and attainable.
For those working within time restrictions, but wanting to do those longer events, you train the best you can in those limits and then adjust on the big day.