And time makes such a difference. I tried writing several novels in my twenties. I didn't finish them, but I bet they wouldn't have been publishable even if I'd ever managed to struggle beyond chapter 3. Now I expect whatever I write to get published. (Gosh, that sounds arrogant. I'm not saying what I write is great literature, just, it's of publishable quality.) But I think the real answer to the question "Am I wasting my time?" is another question:
Do you enjoy wasting your time in this way?
If the answer is no, then you are wasting your time. If the answer is yes, then carry on enjoying yourself - and that's never a waste of time.