Both have their place. I've not yet worked out how to do the ironing & read at the same time - so the TV usually accompanies ironing. Having said that, nothing beats that feeling of getting utterly lost in a good book.
There's loads of good stuff on the TV if you're selective & seek it out. BBC4 is my usual channel. They've recently done a Shakespeare season, so I've got ~ 20 hours of that sitting on the recorder. I'll watch some comedy, some sport (never football) documentries (I'm a geek, I like learning new stuff). I very rarely watch TV live, it's usually recorded & played back later.