Are video games a waste of time?

That's not really something we can answer for you.
Video games have almost or completely ruined peoples' lives like my brother but it's also helped other people.
Games are a hobby, a very expensive hobby. If you're having fun then is it really a waste of time? However if you're losing a lot of money and focus on your life, maybe it would be better to cut out games or at least play less.

Once you figure out your life and get a job where you can play a healthy amount of games on the side, it shouldn't be a huge issue.