Certainly not no.
The idea that playing video games is a waste of time is completely stupid.
We all have different ideas of what is worthwhile and what isn't. I maybe spend 20-25 hours a week gaming but what I do is make sure I have other things i can do when finances permit it.
Sometimes i'll put in 40 hours in 1 week gaming...
If i had nothing else in my life, then yes i'd probably regret it. But the fact is, i've still found time to have an enjoyable social life, see my family, buy a house with the love of my life, and travel the world seeing different cultures, landscapes and participating in extreme sports. In the last 3 years i've spent 30 nights in luxury suites in Vegas, drinking cocktails, going to the theatre and fine dining (over 3 trips) and also spend 7 days each Snowboarding in the Austrian Alps, and the Slovenian Alps...and took a full 9 day tour of Egypt's temples and sights, plus a 3 day luxury nile cruise.
I really really hate the stigma a gamer gets for spending such large amounts of time gaming. The point of what I said above was that you can do all of these things a couple of times a year, but you need a hobby you can do all year round. If i was rich, i'd travel the world constantly and never game, but i'm not and likely never will be. So i went out and got myself into a great career with a good pay, which can fund a nice house and a couple of nice holidays a year...but the rest of the time...I play video games.
Sorry to go overboard, but i've been called some nasty things plenty times over headsets online for winning in games and now whenever a question like this comes up I really drive my point home. lol.
Even if you don't do other things, gaming isn't a waste of time. If something in life gives you joy or entertainment, it is NEVER a waste of time no matter who says it is.
On the other hand, i have pout many hours into a game i never ended up enjoying fully which was a waste!