I get where you're coming from, and it's quite true that those on strike, myself included, appear to be leaving the sites and people we care about to the dogs - if you look at things without context. But . . .
- The users benefit from my moderating, but not if they're leaving the sites - and a number of them are. Anything I can do to stop that is a boon to those users and to the community as a whole.
- I benefit from my moderating, but not if it's an emotional drain or a source of stress, as it has been for me for about ten days. Eventually, things will return to normal, emotionally, but that's not going to happen tomorrow.
- Stack Exchange benefits from my moderating, but they're recently made various decision I strongly disagree with, so that's not a motivating factor. I'm less inclined to do volunteer work for a group which has taken actions which treat some of those I care about unfairly.
I do see your point, but I think the situation is more nuanced and less open-and-shut than you make it out to be.
I write this addendum about two weeks later. I feel now that the time I've spent on Meta Stack Exchange - time I would otherwise have spent moderating - has been extremely productive and beneficial for me. I've had the chance to listen to a whole bunch of folks who don't agree about anything, and I've been able to contribute, in tiny ways, to trying to dig us out of this hole. I haven't come up with any big solutions, but I've been able to keep throwing stuff at the wall and seeing if it sticks.
Looking at the last month, my sites are the better for me making that decision, albeit in indirect - even hidden - ways. And, fortunately, they're all still running. They might be on fire, yes, and that's not great, but they're were already on fire - and right now we're all working to put that fire out.