Most hobbyists waste a lot of money. I have spent thousands on equipment for my cameras. I don't use it that much but when I use it, it makes me happy. Most people waste a lot of money on their cars. They could achieve the same results with a cheaper car but somehow it's worth it. Add to that watches, phones, clothing and many other things.
There is a critical difference with audiophiles: they suffer from a superstitious belief that their expensive cables and so forth actually make their systems sound better.
I was going to post the exact first sentence you posted word for word and talk about my wasteful hobbies ... I do have project car hobbies and latest addiction is "gpu collection"
Is it a waste if it makes you happy?
I've spent thousands on my PC, including a number of components that are overkill for any actual need I have. It would still be noteworthy (and I'd personally feel aggrieved) if comparative testing showed my overpriced fans are just as loud as any or my overpriced cooling system has indistinguishable thermal performance from the stock cooler.
In a blind test, could you tell the difference between photos taken with that equipment and photos taken with less expensive equipment?
Most audiophiles can't do measurably better than 50% on an ABX test. That test is more about audio compression than cable quality, but there is a lot of superstition in audio.