So I guess the upshot of this is that foliar feeding using urea is not a bad strategy - but only if your plants are nitrogen deficient.
I think your conclusion is spot on. It is not that Urea is a bad fertilizer to use but rather leads to waste. If you use it as a foliar feed to correct or supplement low nitrogen levels it works well. But if you use it as a main source of nitrogen in the fertilizer water you are not getting good value for money spent. Also because the nitrogen leaves the media as a gas you never really know what is available for the roots to take in.