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Dug up an old thread here, it’s an excellent topic. Of course a big reason we start learning guitar is to be able to play those songs that we love. I certainly wouldn’t discourage anyone who wants to use their time in this manner. I devote a bit of time each day myself to honing a song or 2, but I always make sure to stay in the system and not steal time away from my daily challenge.
I do think that if you are not very skilled it may not be the best use of your time to learn how to perform a song. Conversely, once you have acquired a sufficient level of playing skills then you can learn several (possibly a double digit number of) songs in the same time that it takes a beginner to learn his first song. This is why I have backed away from focusing on learning songs which admittedly was a huge desire when I started.