A 1x1 is really what you make of it. When you are the manager, you have a lot of latitude for how a 1x1 operates. If you find that your 1x1s are rarely useful, change how you run them.
In particular, you mention "time-sucking status updates". In my experience, often someone thinks you want a status report, but from your point of view you are sufficiently aware of the project status already. As the manager, you can just politely suggest that you are already happy with the project status, and move on to other topics.
Some of the most effective 1x1s are either when the manager has a tough problem to solve, or the report has a tough problem to solve, and the 1x1 can be some focused time to detect these problems and resolve them. This can be anywhere from a technical issue that this report has some expertise in, or a social issue like "I feel like it's been taking a while to reach an agreement among the team on topic X, how do you think we can speed that up?" Or perhaps you notice that a report seems frustrated on a project, but you aren't quite sure why, and you can use the 1:1 to draw that out.
I find it helpful to take notes ahead of time, with some ideas for myself for what I might be able to accomplish with a 1:1. Otherwise you run the risk of not really knowing what to say, your report doesn't really have anything urgent in mind either, and you fill up the 1:1 time with chit chat.
I really like this blog post on how to run effective 1:1s:
Running an effective 1:1 is an important managerial skill, it's something you can practice and improve at over time, and it's worth working at it since there is so much you can accomplish through 1:1s and you're likely spending a lot of time as a manager in them.
In particular, you mention "time-sucking status updates". In my experience, often someone thinks you want a status report, but from your point of view you are sufficiently aware of the project status already. As the manager, you can just politely suggest that you are already happy with the project status, and move on to other topics.
Some of the most effective 1x1s are either when the manager has a tough problem to solve, or the report has a tough problem to solve, and the 1x1 can be some focused time to detect these problems and resolve them. This can be anywhere from a technical issue that this report has some expertise in, or a social issue like "I feel like it's been taking a while to reach an agreement among the team on topic X, how do you think we can speed that up?" Or perhaps you notice that a report seems frustrated on a project, but you aren't quite sure why, and you can use the 1:1 to draw that out.
I find it helpful to take notes ahead of time, with some ideas for myself for what I might be able to accomplish with a 1:1. Otherwise you run the risk of not really knowing what to say, your report doesn't really have anything urgent in mind either, and you fill up the 1:1 time with chit chat.
I really like this blog post on how to run effective 1:1s:
https://randsinrepose.com/archives/the-update-the-vent-and-t...
Running an effective 1:1 is an important managerial skill, it's something you can practice and improve at over time, and it's worth working at it since there is so much you can accomplish through 1:1s and you're likely spending a lot of time as a manager in them.