それは時間の無駄です。

that (indicating an item or person near the listener, the action of the listener, or something on their mind); it; that time; then; there (indicating a place near the listener); you

topic marker particle; indicates contrast with another option (stated or unstated); adds emphasis

time; hours

indicates possessive; nominalizes verbs and adjectives; substitutes for "ga" in subordinate phrases; (at sentence-end, falling tone) indicates a confident conclusion; (at sentence-end) indicates emotional emphasis; (at sentence-end, rising tone) indicates question

futility; uselessness; pointlessness

be; is