Do you think Forensic Psychology is a waste-of-time degree?

That depends on what you want out of life.

A forensic psychologist is almost always a clinical psychologist who specializes in forensics during their graduate training and/or internship.  A master's degree in forensic psychology allows you to do very little because you cannot be licensed with that.  Forensic psychologists provide psychological assessments for the courts (e.g., determining mental competence, fitness for trial, insanity, etc.) and therapeutic services in the corrections system.  Therefore they have to be licensed psychologists.  If that's the field you want to pursue, then your undergraduate degree should be in psychology and you should pursue a doctoral degree in clinical psychology, preferably one with at least some training in forensics.

To become licensed as a forensic psychologist in any state, a doctoral degree is required.  You would need to go for your Doctorate degree to have a career as a forensic psychologist. 

Figure out a job you want first. Look at different fields.  Research it. What is the average salary. What is starting salary. What is  the growth for this field for the next 5/10 years.  And what education is needed for the job. 

Between criminal justice and guidance counseling there are many fields you could do for your Masters degree.