The way I interpret that fragment is
"(whatever we're talking about) is not worth doing for reason #1 and it is not worth doing for any other reason that could be construed as doing (whatever we're talking about) just to do it.
The phrase "what amounts to being" means it may seem like it is something different, but when you analyze it, it really is the same as this this other thing.
For example, from Making Sense of Confusing Antique Furniture Terms
Well, since a highboy amounts to being a tall chest with a legged base and a chiffonier is a high narrow chest, they're both technically chests of drawers.
The phrase "for its own sake" means to do something because doing it is intrinsically valuable and not because there is some other reason to do it.
For example from Why research for the pure sake of knowing is enough
...but scientific inquiry is most fruitful when knowledge is sought for its own sake, not to justify budgets.