Of course, the HN response to that is "my children will earn enough money after college that they can hire cleaners and order UberEats".
Or they won't, and necessity will be their teacher. The point is that it's not obvious whether teaching kids these skills early makes a serious long-term difference in outcomes.
It's never an 'either chores or college, pick one', and no, people that cook and clean their own home aren't looking for a professional career in that, and cleaners didn't 'choose' that profession because they were conditioned as toddlers to clean.
I'd prefer my kid would build games or solder or have fun with math or play with physics or chemistry than do the dishes or cook.
Besides, you asked if college is more important than life skills. And yes, it is. So much that even 'prepping' which at such young age is just getting your kid into anything other than mundane is worth more.
Also, life skills are so easy to acquire at later age by anyone with at least mediocre IQ that they basically come free if you mange to raise your kid's IQ by 10 points.
I much prefer saving the money to use how I want than enjoy extra free time I likely would not use productively.
We would have to define "life skills".
I would consider life skills the ability to navigate hierarchies and bureaucracies (like the DMV, or dealing with bosses). I would also include knowing how to deal with challenges like a broken down vehicle. Balancing a checkbook, cleanliness, halfway decent nutritional sense.
But hey, as long as you got that PhD in Russian literature, I'm sure everything will turn out fine.