I hold more Ethereum than Bitcoin and the energy consumption there is less than a small town; though, when it comes to your argument it is about measuring the value of a Bitcoin vs. the costs.

Is an independent parallel finacial system worth it compared to a top-down autocratic one where bankers privatize the gains and socialize the losses?

I think so.

YouTube uses more electricity than Bitcoin, as does gold mining. Both of those are worth the value they create.

As for Bitcoin, the opportunity of a parallel financial system is worth more than either of those two.