I'm not sure there is equal value, in economic terms at least. A stay at home parent caring for 1-2 children comes at the opportunity cost of a full time worker, which would typically be a lot more than 12-24 thousand dollars this is saving them in childcare costs. On the flip side, a childcare worker in NM can care for the children of ~6+ such stay at home parents (depends on randomness of ages and number of children each had).
None of that is a statement that it wouldn't be nice for everyone to be able to be paid as a full time parent, just that the economic value is not necessarily equal with a waiver.