I'm happy for you that you can make £15/hr, TimW, if that's the way you like to run things and measure things and it suits you.
Longstanding farmers will have different ways of looking at things that suit them, their lifestyles and families, and their heritage. If you own your farm and have no borrowings, you are free to look at outgoings and income in a different light.
One thing's for sure, no-one would stay in farming if they weren't happy with the lifestyle and how / what it pays - it's too much hard work to do it if you don't love it!
'Farmer's dole' is a rather misleading and perjorative way of putting it, I think. I am no great fan of SFP and other subsidies, but the truth is that increasingly, in order to get the payments the land has to be farmed in a certain way - and the payments are the compensation to the farmer for income lost by so doing. The theory is that if the public want the landscape managed in a certain way, and it's not as profitable to farm it that way, then there has to be some compensation to the landowner/farmer to enable them to comply with the public's wishes. Sometimes the impositions are too deleterious and the farmer will not take up that scheme - we haven't taken up the Uplands scheme as it would stop us being able to grow our own hay. (It's a very badly-designed scheme, they want us to make hay but the rules would have meant we could hardly ever do so!)
I could go on but we're getting away from the topic...
In short, monetary 'profit' is not the be all and end all. Sustainability and the land management associated with it is ultimately more important, and as owners of most of the land we farm we are in the happy position of being able to make our decisions based on outcomes important to us and our farm.