I'll say depends. Personally, my hobby projects are about me, just shared with the world because I believe in Free Software.
Yet, I'm not obliged to deliver anything to anyone. I'll develop the tool up to the point of my own needs and standards. I'm not on a time budget, I don't care.
Yes, I personally try to reach to the level of best ones out there, but I don't have a time budget. It's a best effort thing.
In reality you are always on a time budget that is correlated with the output of the software you develop.(I.e is it worth it your time?) I’ve found out that the most important thing is to get feedback early even from yourself using whatever software you develop. If you develop a small effort piece of software you can ship it before other stuff is starting to compete for your time. But if it takes a year or more before even you can make any use of it I guarantee you that the chances of shipping it diminishes significantly. Other stuff competes for your time(I.e family, other hobbies etc).