"Here", unless you are right next to town (i.e. development) you have 2-3 options. For tillable ground you can grow corn or beans (which due to market forces are the same option because return per acre will stay very close) or alfalfa (which several here have tried and quit because of expenses vs average market price). For non-tillable acres you can run cattle or sheep, or maybe take a hay crop if its not too rough. I don't see that as several.

You are correct about appreciation, anything that takes that long to pay off better appreciate since it doesn't cash flow. Depreciation is a non-cash expense that reduces tax load, this is a positive for most. When buildings are paid off, producers generally need to expand or upgrade to get some new depreciation and avoid a big jump in taxes.

While confinements are single use, they do have good track records. Hog confinements are almost always under contract, and not only are they paying off the confinement but most folks I know with hog contract sheds also have new homes, shops, and pick-ups. Cattle feeding is a margin business, and when expenses such as feed are higher we generally pay less for calves. Nationally, feeding cattle is a breakeven business; but in the upper midwest we are profitable 2/3s of the time, and I like those odds. Going back to the original point, they work better than blue silos.

As stated before, if you don't have enough equity than you are running a major risk building a confinement.