You can't say farming on new projects are waste of time because every other coins that has seem good and reliable today had sometimes had a begining of being a new coin. Instead, it'd go better if you say farming on new coins is risky because it's difficult to locate reputable coins due to how they all happens to have same marketing strategies of hyping on the motive to acquire the project values and also acquires volume of community users.
I guess you don't mean to say we've reached an end time to see new dependable coins again because as much as I know, the Solana blockchain had proved it Worth of producing some good MemeCoins but then I'm not going to be specific of what Coins because I wouldn't want a misconception that would be misleading.
Just bump into the market limitedly to what your risk can bear.