Two things.
Firstly, the quality of the cheap action cameras vary and you typically can't put a blanket statement on all of them. Maybe some are gems, maybe some have good quality but have terrible build quality, maybe some feel solid but the recorded footage sucks, and maybe some are just plain bad. You'd have to look for reviews to see just what's good or bad.
Secondly, making good video requires effort. As others have said, no one wants to watch an entire 2-hour ride, that's just boring. You need to do actual video editing like in
1nterceptor's example, and that's work. So it's not for everyone, but for you, that'll depend a lot on your interest and how much you enjoy doing that kind of stuff.
While not exactly cheap, ebay-quality, but the Yi action camera line is often considered as a cheaper but good (arguably "better") alternative to GoPros so maybe it's worth checking that out if you're keen.