If the analogy is "host = GM" then I'm not entirely sure one needs to delve into all the ways "guest = player" is or isn't a solid analogy. Sure, guests at parties have different duties/responsibilities than the host, and they're pretty clearly taking on more if the party is a potluck, but that's kinda inherent in the idea that you (as a GM running without much prep) are hosting a potluck, whereas I (a GM prepping adventures, and writing the world for the campaign, and writing up almost all the NPCs) am having people over for a dinner I am preparing, complete with beers picked to go with dinner (and possibly dessert). Neither of us is "hosting wrong," we're just doing things differently--I'm a pretty serious cook, and a pretty serious beer nerd, and I really enjoy the intersection between the two, and I think of cooking (and hosting) as inherently generous and something I'm willing/eager to be responsible for; you (not really you, but the "you" in the analogy) are more interested in the party as a shared responsibility and experience.
Edit. Got ninja'd a bit, not trying to pile on.