It's still profitable but you just need to change your thinking to long term and try and accumulate more coins of projects you think have the most potential in terms of adoption, usability and uniqueness.
It's profitable short term, so really either way you look at it you are coming out ahead for mining. I agree though, completely, long-term is a much better approach to investment in general and more specifically crypto. I am never interested in putting money into a project that I do not believe to be innovative or a long-term investment. If the project you are interested in does not provide something unique, meaningful or innovative to the market then it is not going to anything more than hot air or a pump and dump.
I did not realize how low ETH has fallen, probably a good time to buy some in all honesty.