As someone who enjoys languages, I observe with irony that in terms of proficiency per unit of effort spent, at least formal ancient language education isn't a such a waste of effort that formal language education is, in the sense that immersion will teach you language more painlessly, and with more velocity and distance than formal modern language education will; but immersion is quite inaccessible for ancient languages.
Disclaimer: I am European AND Old, so I studied Latin for 8 years (Middle School + High School).
I am not sure I really understand your comment here. If you are studying an ancient language you acquire zero fluency in it. At best you can read it, unless you were lucky enough to meet https://en.wikipedia.org/wiki/Reginald_Foster_(Latinist) (and this would apply to Latin exclusively).
So it is a bit like saying, I dunno, "in terms of proficiency per unit of effort spent" playing Street Fighter is more "efficient" than practicing a martial art in an actual gym/dojo.