Homeschool worksheets are far more than busy work. They are an important part of making sure that the concepts you teach in your home school stick with your child. Just make sure you have a good source for providing the worksheets, and that they're the right ones for your kid or kids.
In other words, they never memorized their multiplication tables! Many times I have seen a student do poorly due to a weakness in basic math facts they should have learned in third grade.
Granted, that will always be a tough uphill battle for math to win out over most video games, but the point is, students today are much more immersed in technology than ever before. So even if you need to pass out a math worksheet to review concepts and formulas, it will greatly benefit your cause if you design the worksheet to be as stimulating as possible.
There are other sources for worksheets also. You can find many public schools and private schools which will provide free worksheets for you if you buy textbooks from the school.