From what I've read, Bitcoin now charges high transaction fee and long transaction wait time so it can't presently be used:
a) for a conversion from Bitcoin to cash?
or b) purchases using Bitcoin?

We have nothing to do if the transaction fee is high, it's because also of the higher value of bitcoin. But in our country we can convert our bitcoin into our fiat money directly and easily, very fast. So, I think it's also depends on your place where you lived. Also there are other way on how to convert and purchase bitcoin using p2p exchange.