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This might sound like a cop out answer, but we can't decide for you if you are wasting your time. What is important is whether you feel you are wasting it. Is there something you would rather be doing? Is there something you feel you are missing out on? I would encourage you to look at the situation from the perspective of what you want from life, not what others tell you you should want or some societal expectation. Then go for what your heart says.
You say you are spending half the time learning a new craft. What if you were in graduate school earning an advanced degree? Would that be wasting your time?
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