Mashing longer is an interesting question, some mash programs go a lot longer than 90 minutes, the longest I have ever run took around 4 hours and there are very good reasons to do this.
There are something like 27 enzymes that can act on a grist, we mostly talk about Amylase and that's by far and away the most important, you will also hear reference made to Phytase, Glucanase, Protease and some others, these tend to be killed (denatured) if you mash in, in the mid 60's but they can be very important if you have a lot of un/under modified grain or a lot of wheat in your grist.
Although all or most of the starch may be "Saccharified" in the first 20-30 minutes, you won't have the right ratio of fermentable and unfermentable sugars, the sweet water will be rich in dextrins and if you fermented it you would get a very full bodied wort and an out of balance beer.
Boiling likewise is more complex than just getting the Alpha acid isomerised, you are as mentioned above trying to strip out some undesirable volatiles, another important function of wort boiling is to reduce the soluble protein in the wort, with modern well modified malt this is relatively easy to achieve in 60 minutes (for Ale anyway) if however you are using an older variety like Maris Otter you will see immense benefits to a 120 minute boil. I think it's worth doing a MO ale and drawing samples at 60,90 and 120 minutes (just a couple of hundred mills in a jar) and having a look and taste to see how much difference it makes.
As is so often the case there is not going to be a single "Right" answer, there are pros and cons to each decision, if you keep making choices based on whether or not the ingredient or the process will improve the beer, rather than on is it cheaper or easier, the quality of your beer will improve.
MHB