Journaling is definitely not a waste of time. Especially if you are suffering from stress or anxiety.
Journaling may feel quite strange to do in the beginning, but all it really is, is you just writing down your thoughts. These could be thoughts on events of the past day, thoughts of the future, past, or present, feelings, or just your thoughts at that moment.
The reason it is not a waste of time is because it helps calm your mind down. It helps release negative emotions. Journaling can help reduce stress and anxiety by allowing you to process the things that are causing them. By processing them, and better understanding them and the cause of them, you are better able to get through them and let them go.