It is excessive, but you don't have to do it. The only concession I've made to all the "new" traditions is new PJs on Christmas Eve - but then kids need new PJs anyway every so often, so it's not actually an extra cost, just a matter of timing.
No elf on the shelf (I'm not even sure what it is tbh), tree and decorations go up mid-Dec, advent calendar each, we might go on a cinema trip or to see a light show but then we'll do one or two events or trips in any school holiday. Presents are chosen carefully and I'll get them things they want, but not mad amounts.
I make a bit of a joke out of being a grinch and moaning if I see xmas decorations or mince pies out too early, or hear Christmas songs. I tell the kids it should all be banned until December and we have a laugh spotting the first examples, and they laugh at me complaining about it. It's all good humoured and fun but also I hope gets the message across that all this stuff isn't essential and we don't have to go OTT. They still love Christmas. I do too, though chiefly the food :)
I think as PPs have said, big, expensive, overhyped stuff is often no fun anyway. You just need to manage expectations (I mean that in a positive way!) so that everyone gets excited about smaller things like getting a chocolate orange in their stocking, or setting fire to the pudding. :o