ultimately it is a waste of time because all the lovely gifts in the world are meaningless
See, I think you are getting hung up on the presents and maybe you think that if you do heaps of presents the whole thing loses meaning.
But that isn't the case. One present or 50, it doesn't matter. It is the feeling that is the important bit. I can honestly say, looking back over say 10 Christmases that I can remember from being a child, and the hundreds of gifts I received over that time, I remember about 5 of them.
But the things I remember are wanting to go to bed really early on xmas eve because I thought that would make Santa come quicker. Lying in bed listening for sleigh bells. Looking out the window in the dark to see if I could spot Santa. Decorating the xmas tree and having only the lights on it and the fire for light in the living room. Having posh glasses to drink shloer out of, and crackers, and turkey. Having pudding (because we never had pudding otherwise). Going shopping in the run up and seeing all the lights and decorations. Opening the advent calendar on cold dark december mornings before school, chocolate was such a treat, especially first thing in the morning. Going to visit relatives and the adults drinking and singing and laughing. It was the only time of year that there was colour in my life, and the presents weren't a big part of it, although as a child they evoked so much excitement.
As I said before, I think it is fair enough to go your own way with it, but maybe just a little bit more effort, and give your children that magical feeling without them having to ask for it. Your oldest might not ask because he gets a vibe of you that its not special and you don't like it. Christmas is about children really, and there are loads of things I do, all year round, that I could take or leave, but I do them for my kids.