You could look at it as giving up their childhoods to chase a dream, or you could look at it as they were so fortunate to be allowed to pursue their passion through an unconventional childhood, and doubly fortunate that they have been able to reach the upper echelons in their field. I guess it depends on if they are passionate about gymnastics, or just the goal of being an Olympian.
I maybe come at this from a different perspective than many based on my own experience. My parents lets me pursue my passion even though it was clear from the start that I would never be "elite" in my chosen activities. I am so thankful that they didn't try to redirect me into something I would be more traditionally successful in, because I wouldn't trade the experience for anything.
I can see some looking at my childhood and thinking that it was wasted - 40 hours most weeks practicing/rehearsing for what? I didn't even have the talent to continue at the college level... But that's not why I did it. I did it because I loved it - I loved every minute of long rehearsals in the studio and the theater, the pain and exhaustion, etc - there was no glory, only the joy of doing what I loved with other people who were equally crazy about it. I did not participate in most of the traditional rites of passage of high school - homecoming, prom, football games, spring break trips, etc - and I don't regret it at all. I never did. I wasn't missing out - I was doing something more important to me.
While not making a goal that you have worked so hard for, for so many years is extremely difficult and painful, I don't think that the worth of the journey is defined by whether you reach the summit - and I have to believe that, if you make yourself do what these children do, it has to be about more than the one goal of the olympics - there has to be a love for the day to day that makes it worthwhile. And doing what you are passionate about is its own reward.