The OP's lead in used the word "sport". Sport implies competition. Not commuting to work. Not the group ride. That's transportation or fitness. Not sport.
So, something under-rated about cycling as sport/competition?
I'll address the OP's assertion on less skill development first. I take that to mean "motor skills" as it relates to hand eye coordination and reacting to external stimuli or your environment.
I couldn't disagree more. We said "sport", which means competition. I'll take the easiest example I can think of if I had to justify the development of similar hand eye coordination and repetitive skills development.............cyclocross. I choose it both because it's a clear outlier in the road world AND I have selfish motivation as I've recently attempted it for the first time.
It takes a lot of repetitive skills development, particularly analyzing your environment, reacting, adjusting, to compete in that arena.
I'd claim the same for MTB. Though I don't ride MTB. I hear trackies also claim there's a huge and long term learning curve to becoming a competent track racer. I could see that.
Now, an under-rated aspect of cycling as a sport for me:
First,
longevity. Kids can race balance bikes by the time they can swing their legs over one all the way to advanced age masters competitors. Like golf, you can compete in golf your entire life. Soccer, football, basketball, it's just not the same.
Other sports have longevity also. But it's one that cycling can claim also.
Second, kit. Everyone in cycling loves kit. There's not much out there in physical sport (to get motor racing out of the way) that has an equal cool or geek factor on the equipment used in the sport. Carbon bikes. Aero this, lightweight that. There's technology, elegance.
Lastly, one thing that actually bugs me about cycling is the whole "Team" but not a team aspect. Tom Brady didn't win the Superbowl, the New England Patriots did. Brady still gets paid the most, or close to the most. He still wins a personal prize of MVP of the superbowl. I wish cycling would push winning team prize part more than it does. At least elevate it to the general classification level of winning. It's super staunch and classical the way it is, so that probably comes across like a lead balloon. But, just an idea.