It depends on what you hope to get out of it. If you want to be entertained for a few hours, video games are a great option. If you want to spend a few hours doing something to improve your health or wealth, video games probably aren't the most effective choice.
You can certainly gain a variety of skills through playing video games, but you can also lose hours learning mechanics and systems and lore that will never be relevant outside of they game they come from. That's only a bad thing if you don't want to spend that time on something with such limited return.
Life is a waste of time, in the end. It's up to us to choose how to waste it, and to find meaning in our actions in spite of their insignificance.