Ignoring the lack of updates if the game is buggy, games back then were also more focused on quality and make gamers replay the game with unlockable features based on skills, not money. I can't count the number of times I played Metal Gear Solid games over and over to unlock new features playing the hardest difficulty and with handicap features, and also to find Easter eggs. Speaking of Easter eggs, you'd lose a number of hours exploring every nook and cranny finding them!
I honestly think the generalization of parents here are GenX where we grew up on Atari, colicovision and then the original NES.
There were still plenty of 16-bit and even some 32-bit era games that didn't have saving...or used passwords to save.
Or if you could save, did you have space in your memory card?...
My neighborhood was just poor enough that basically no kid had a PS memory card. They were all jealous of my n64's ability to save on the cartridges. When the PS2 and GameCube rolled around we just left the machines on all day again
At some point, I'd have passed on a new game and chosen to get a memory card instead, haha
Though I did get bitten with the RPG bug back then, so that probably colours my opinion. Not that I didn't play the first half of FF7's Midgar (aka. first act) dozens of times because I kept getting stuck.
It's great that level select cheats were so prevalent back then!