I occasionally use fast travel, and simply regard it as an uneventful trip between the two places. Time passes when you fast travel, as if you had actually walked by road.
This. Back in our tabletop days, we
never did things in real-time like we do with vid games. If you traveled between 2 destinations, a dice roll was made. If you rolled a certain set of numbers (let's say 2 or below on a 6-sided die), an encounter is made, usually with an enemy or enemies. If you rolled another a 3, 4, 5, or 6, there was no encounter, the trip was "uneventful", and there was no reason to spend any more time with the game than necessary.
That being said, in TES games, there are
plenty of reasons to not fast-travel. Those who fast-travel all the time will miss out on plenty of beautiful scenery, random encounters, and hidden dwellings. They will basically miss out on half the game. I don't consider FT to be cheating, though. Some people don't have time to walk, run, or ride everywhere. Other people don't want to bother with snail-travel.