What value does one derive by doing research as an undergrad vs spending that time in coursework/projects
Research is totally different than anything else you do in schooling. It's the distinction between learning what everyone else has done before and learning something no one knows yet (no one ever).
Do you need to learn truly new things to be a productive member of society? No, you really don't. Our society is really advanced, and almost all the work out there is about doing things people have done before. You could spend your whole life learning what other people know and never come close to learning it all.
Do you need research experience for a non-academic career that doesn't involve research? No, probably not. That said, depending on the research environment you can also get exposed to a lot of more broadly applicable job skills as well when you do research.
You'll have to decide for yourself whether research is worth it. It's hard, probably you'll fail in almost everything you do as you get started unless you're given a very simple project, but you can still learn a lot. If nothing else, you might learn whether research could be a path for you in the future, or whether you should avoid it.