I lost my long post...so saved you from reading it all.....
But
Turning up with a cheap cheesecake from Sainsbury's and cheap bottle of wine does not compensate.
If this is what you do then you are the CF taker who people talk about.
Lots of time, effort and money goes in to preparing, shopping, cooking, cleaning before and after gatherings. Lots and lots.
Make sure your gift to the host matches in terms of thought (home made cake. A particular chocolate that they know your child specifically likes....not expensive, but thought and effort in sourcing. Not just cheesecake picked up from the local garage on their wayover)
It is great fun to socialise, it is great for the kids to socialise.
Yes, I would love to be waitered on. So sometimes it is my turn to be guest.
My kids are grown up now, and we totated the hosting of lovely party, informal gatherings with a couple of other families. But gradually, over the years, the couples who never ever reciprocate ever, and turn up with cheesecake. Yes, you do get spoken about and you drop off the invite list.