The challenge is that ‘holidays’ aren’t holidays, they are a break from teaching (arguably summer is different, but all other breaks assume study is still being carried out).
It is worth noting that at degree level contact should be a small amount of learning. In person teaching is about providing a start point to scaffolding critical thinking, so that people go out into the world able to do it for themselves. In humanities what is crucial to developing those skills is independent reading (the traditional way of saying you are ‘reading’ xyz subject at University), note taking and thinking. And wrestling with that challenge for yourself. In sciences, that is needed but so is lab time (hence higher ‘contact’ time).
University cannot be (and shouldn’t be) like school, where children are told what to do (and what to think to a degree). Benefit should not be measured by how much time is spent with academic staff.
I do agree that the funding model if wrong, for both students and universities. So many university staff are on their knees through (unpaid) overwork and burnout. So many of our students cannot spend the time outside class time doing the work they need to become they have to work to cover living costs. The challenge is where we can magic the money needed to sustain a world-class higher education system.