First of all, unless your arriving flight is critically late, you have plenty of time, and you may have a fair amount of time on your hands. When I arrived at FCO back in November, we may have used the E-gates - they were electronic scanners, there was a large bank of them, and we barely stopped walking as we went through and got our passports stamped. It can be a long walk from the arrival gate to immigration. Your wait for your baggage will most likely be longer.
In terms of:
You basically will be sitting in the dreary FCO train station for a couple hours
Shouldn't be necessary - there is quite good food service landside [before security] at FCO - on the mezzanine level above the check-in desks in both Terminals 1 and 3 - when I was there I found an outpost of Eataly there in Terminal 3 - not sure whether it still exists, but the other available options were fine. So you can go upstairs, grab a meal and hang out there.
it is not worth the stress, worry and weariness to take a long train ride to venice
What stress is involved riding a train? What worry - they are taking the Frecce direct from FCO - no changes. Get on the train at FCO, get off in Venice. And then what about the stress getting from the Venice airport to your lodging, especially if a water taxi isn't in your budget? If they're arriving on a non-stop, they're avoiding the stress of making a connection at a major European hub. And then weigh the comfort and legroom of a seat on a train vs. an airplane seat, plus the ability to get up and move around. Not the mention the scenery outside the window...