If you solve tactics, if you really think during a game (I play bullet for fun, but it is BS. You can not make the best moves and win when you have only 1 minute in the clock), if you memorize openings or patterns, then it is not a waste of time at all because you are doing a workout for the brain, which is very important.
However if you are just playing hundreds of games everyday, spending several hours without learning anything, then yes, it may be a complete waste of time.
However it is still better to play chess (even just for fun) than laying on a sofa eating crap and watching garbage on the TV.
@im2busy...it helps your brain.That's balloney...how does it help.I would rather waste my time watching movies may be that way I will get a girl to bang.