Welcome to the forum, OP. I'm not going to countermand Venice's decision, but if I'd come across this first, I'd probably have locked it. As interesting as this discussion is,
1) we've had it many times before, and
2) You already found the answer
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In such a game, is simply waiting for a hand the best approach?
yes
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If you do that arent you just getting free gifts of money by playing tight and virtually becoming anonymous at the table?
fixed, and yes
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Isn't the point of poker to go out and fight for the chips?
No. The point of poker is to win the most chips possible. You do this by adjusting to game conditions. Trying to do anything other than bet-size correctly with big hands, take advantage of the poor bet-sizing to draw cheaply to big hands, and folding all marginal hands is just suicide in these games.
It's raining free money, turn your umbrella upside down and catch it. Don't stubbornly keep using your umbrella as a walking cane, because "that's what cool people use their umbrellas for."