Even players that won big money and generally play small stakes (up to 5.5) play freerolls, so, yes, go for it.
It has some luck components, but you can still find some spots.
I don't think it's a waste of time. It's for playing poker without risking your own. If you choose low-field freerolls, you can consistently win to build up your bankroll for real money games.
I'm a new player and i just found Cchat host a lot of free rolls. I was guided by an old friend to play those free rolls cause they're really helpful since i only play $2.2- these days. So yes, an experienced player(ultra high stake 5k+) told me that those free rolls can help a lot.