as spath says - you're doing it for you, not the kids. At your time of life you shouldn't be living for the kids anyway, let them do their own living.
But yes - do sort out anything of family history interest and label it properly. Maybe you and your kids aren't that interested in genealogy, but at some stage someone will be, and they will mightily regret not finding out what ancestor X knew about his family. (Everyone doing family history says this.)
As for the rest, your call. If you want to read, read. Overall, though, my feeling is that cataloguing photos is a finite task, one with a point where you can say "All finished". Reading stretches out forever like Parkinson's law.