Of course hyperbolic discounting is a useful heuristic. The paradigm I subscribe to is not just bias. We have these heuristics because they're the best that evolution or our developing minds could do. That is, they're pretty good in some other environment (ancestral or childhood), which might be very different. You singled out hyperbolic discounting, among all the biases, but it seems to me much more likely to be maladapted to the present than the other standard biases.

Most of your comment argues that it's a good heuristic, but your first paragraph ("bite the bullet and accept hyperbolic discounting") seems to make a stronger claim.

Usually the points of time where you can "change your mind" correspond to events which introduce all the new kinds of risks and transaction costs and are not neutral.

That is a different heuristic than I would call hyperbolic discounting. You can certainly produce situations in the lab where people apply a worse heuristic than that. I expect the two heuristics were more similar in EEA than today.

If you want to make a quick decision, go with your gut and trust hyperbolic discounting. But trust it for a decision on an action, not its intermediate output of utility. It mixes up probability and utility. "If you're building complex interconnected structures of beliefs" then you have to separate the two and you can't trust your gut model of yourself because of hyperbolic discounting. People screw up long term planning all the time because of hyperbolic discounting.