I'm basically with you on all of that, except it still sounds better than renting.
Also, I don't have kids, but I see a lot of folks buying houses in suburbs "for the schools". In affluent towns where the math you're describing is the worst, renting often isn't even an option. Also a lot of those parents will sell and move the second their kids graduate high school. All of that is way cheaper than private school, especially for multiple kids.
Just noting that if arguing with Zionists feels particularly mind-numbing, this is one of the reasons:
https://medium.com/dfrlab/how-a-political-astroturfing-app-coordinates-pro-israel-influence-operations-bf1104fa5c7f