Hell no, half of my friends play WoW and its fun to raid / pvp / level alts with friends, why would it feel like a waste?
Well, WoW has got me few new irl friends, and it allows me to 'hang out' with my old friends that live in different city.Kinda sad when you think about all the time spent and it doesn't really get you anywhere.
We dont know the ultimate answer to what you should do with your life. Ever considered that having fun is might be just as important as getting loads of money or power or whatever?