I think you basic principles are a bit flawed. I am pretty sure that no one who actually works out is claiming that time spent a the water fountain or hitting the head and chatting up with friends is part of the workout or the time spent. As for your Cortisol argument you might want to do a bit of reading up it and its effects. Someone just starting out might have an issue with extended workouts and its production but people who have been training for some time have removed or at least have adapted to the stress levels that trigger cortisol. The less you are worried about that last rep or set, or the 20 other sets to come, the less cortisol production there will be. It's basically an anti stress hormone, and post workout it helps deliver fat to help power muscle protein synthesis.
Looking at your comments about going to failure on each set may actually put you into a higher risk category for increased cortisol production, especially considering your minimal rest periods.
Here's a little read from Rob Robergs, Ph.D. and Len Kravitz, Ph.D.
https://www.unm.edu/~lkravitz/Article folder/cortisol.html
Just like I would never do your workout, (besides my knee issues) I would feel like it was a waste of time, and you would never live through mine, no one workout is right for everyone, but there are simple truths that must be recognised regardless of our personal thoughts and feelings. When we understand how the body works we can more effectively work the body and get what we want from it. I'm just now getting back to where I was after a shoulder injury and it's a lot more fun with some basic understanding under your belt.