I personally think that most plastic recycling is a complete waste of time and deflects from the fact that we just shouldn't have single use plastics at all. Plastics are a serious pollution. They have already worked their way in to the food chain with little-understood consequences and no amount of recycling will help that. Eventually any plastic produced will end up as pollution. And, as OP correctly points out, the energy wasted recycling it is usually more than the plastic is actually worth.
We really need to consider life without the current plastics ( perhaps we can invent better ones? ) but right now we urgently need to stop single use plastics. Not recycle them, just stop them altogether.