It is limited.
I know of no one who achieved many grand things by doing many different things at once all the time. Try being a good surfer, a good guitar player, a good husband, a good father, a good entrepreneur, a good writer, a good public speaker, a good chess player, a good cook and a Netflix-lover in the same year.
That feeling of “Shit, nothing worked out to my full potential!” yet?
Most you find successful usually 1/ gave up many things in life in order to succeed and, 2/ if today they are seen as “great all-rounders”, it is because their temporary focus paid off handsomely, likely providing long-term benefits: a combination of credibility/experience/money/a support team.
That friend of yours who seems very happy with so little: he’s so – maybe not actively – focused on prioritizing the basics that he excels at it. If he doesn’t seem satisfied with little you will perceive him as a lazy broke bum and so will he. But it worked, so I conclude he’s great at saying “no” to most things.
Pick the KEY things and ignore all the rest. Your connection with these very few things will increase and the feeling that you did your best will show up.