It can be, if handled well and is only occasionally the focus of a game. As the always on default of a campaign it becomes exceedingly tedious rather quickly. Levels 1-3 then drop a bag of holding to get passed the tedium.
Exactly. The referee says we’re tracking the things this game, everyone groans, and b-lines for any and all options to circumvent said tracking of things. Because the players know they’ll be punished for failing to keep proper records they do their best and only when the player has a brain fart with any real consequences arrive. It’s important to note the character would likely never be that careless, so it’s a player skill thing rather than properly emulating the world. At worst you have to drop some copper for silver or silver for gold along the way or declare obvious things like gathering arrows after use.
It’s kind of telling that stories involving this kind of meticulous detail are incredibly few and far between. They might be compelling reading for an extreme hiker or mountain climber, but not anyone else. And I say that as someone who has run games like this and read books like the Man-Eaters of Tsavo and As Told at the Explorer’s Club.