[dhimes]

This, from my perspective, is an absolute waste of time, talent and effort that no kid should be subjected to

You've hit upon something which is a Deep Truth (TM) of parenting. There is nothing wrong with a child committing to that time and effort in chess, or gymnastics, or baseball, or anything, under one condition.

That condition is that they love it. Not for the parents, not for the coaches, or for the accolades. They have to deeply love whatever it is for its own sake.