I wouldn't call it a waste of time, but I can see where it might seem underwhelming compared to how it's talked about by some. And I love all the little moments and touches we find and experience at Disney.
We caught it for the first time recently while at Flo's and I think based on the hype, we thought it might be a bit more dramatic or something. We looked up a little after it first started, went oh, this must be the Sha Boom lighting and then that was sort of it. I'm thinking perhaps if we catch it another time when it's darker out (I know sunset is sunset, but summer sunset is different lol), maybe it will have more of an effect on us.
So maybe just not living up to expectations based on what you sometimes read