Yield farming's real returns: The unseen costs

It feels like a lot of the reported APYs in DeFi yield farming often gloss over the impermanent loss, gas fees, and the constant need to monitor/rebalance positions. When you factor in the time commitment and the non-zero risk of smart contract exploits or rug pulls, are the actual realized returns for the average retail participant really all that compelling?

I'm seeing a lot of marketing around astronomical figures, but in practice, after a few weeks or months, it often looks more like a slow bleed than sustainable income. Curious to hear if others are genuinely making significant, consistent alpha after accounting for everything. Push back if your experience differs.