Bora Bora is a high-end resorts place - that is, on the lagoon

All the resorts are on the reef that make up the lagoon, and with an overwater bungalow costs $600 and up a night, I seriously doubt you can "talk to locals, do a day hike"... that type of activities.

The "real" Bora Bora - the town that is "inland", is far from picture-perfect. You would be very disappointed for your expectation.

A compromise would be Moorea, a truly very lazy place. (and rather small as well).