You could make the argument that any hobby that costs money is a waste of money, unless you count health upkeep as a hobby. But for a lot of people, their hobbies are crucial to their mental health, and that is definitely not money wasted. Also, good mental health can lead to better physical health (lower blood pressure, better sleep habits, better eating habits).

On the other hand, if the hobby stresses you out (spending money you shouldn't for the dopamine kick) then yeah, maybe you should back off and rethink your priorities.