As others have indicated, I think the answer to this question (if it can, indeed, be answered) varies depending on what field the student is pursuing. Because I study Literature, I can only speak for others whose programs are similar to mine. In this sub genre, I have strong opinions about what types of students “should” or “shouldn’t” be in the program. Here are my (likely unpopular) opinions: If you aren’t planning on completing a Ph.D, you are wasting your time and everyone else’s in pursuing an MA. If you are working toward your MA and suffer “burnout,” you are not up for the task of a Ph.D. If you are a Ph.D candidate and it’s taking you 10 years to finish your degree, you probably belong to the 95% of people who will not (and should not) get a tenure track position.
*Note: obviously exceptions can be made for those undergoing temporary emergencies or life shakeups. Long term, though, you need to be consistent and solid. Again, I’m only speaking for my field, where getting an MA and Ph.D. genuinely doesn’t help you unless you intend to join academe.
In all of these instances, the students I’ve described are shortsighted. What is the end goal of graduate school in English if not academe? You don’t get “private sector training” in a Literature graduate program. Many private companies in the fields that like to hire English majors actually scoff at candidates with PhDs. If you need a PhD to learn how to write, they argue, then you don’t have any natural talent. That’s the prevailing mindset for many inside the academy, as well.
While these students are free to what they want, they should realize that they are taking departmental funding and opportunities away from the students who are committed to finishing their degrees (and doing so in a timely manner).
The truth about graduate school in Literature is this: only about 10% of candidates are successful as applicants to Ph.D. programs (far less than that into schools with strong placement records). Of those admitted to Ph.D. programs, only about 10% of them will land tenure-track jobs. (You can check my stats, if you’d like. These are the numbers that float around MLA.)
In a field as competitive as English, you better be committed and willing to do the work. If you’re not, I would argue, “Yes, you’re wasting your time.”
I would also argue that you’re wasting everyone else’s.