See, I felt the opposite. I mean, I guess if you're a schizoid and are fine devoting all of your solitary life to resume building a fraternity could be considered a time waster, but if you have some requirement for a social life I think it's actually a really efficient way to make and maintain friends. The main reason that I gradually lost contact with my non-fraternity friends from college was that it was such a friggin time sink to maintain the relationships. They were always getting involved with something new, or moving, or disappearing because they found a new girlfried, or one of them had cheated with the other one's girlfriend and now I needed to choose who I wanted to stay friends with. If I didn't keep abreast of current events I would rapidly not be a friend o any of them anymore, and when I had rough patches of my own that's exactly what happened.
The fraternity, on the other hand, was stable. When I accidently overloaded myself and had to devote a semester to schoolwork, or when I spent a semester outside the city, or when I went into MCAT fugue, whenever I came out of it the house was still there and I was still a part of it. Meanwhile everyone else had pretty much faded out. It let me devote time to resume worthy activities because I knew that I had friends to come back to when I was done.