Meditating on the Institution of the Eucharist is in no way a waste of anyone’s time. That is like saying it’s a waste to meditate on The Finding of Jesus in the Temple. What merit does it really have? He was lost for three days and then he was found. There is of course a lot of merit in that decade, but it depends on how you explain it. I’m not saying you have to pray the Luminous Mysteries, but please, under any circumstance, don’t say they are a waste of time and devoid of any meaning. The Rosary is meant to meditate on some of the most important Mysteries in the Bible. If I’m not mistaken, all five of the Luminous Mysteries are important in the Bible, the last one being what has stopped the world from falling apart. If no one received the Eucharist, the world would be in untold ruin. Saint Padre Pio said “It would be easier for the world to live without the sun than without the celebration of the Mass.” If the Eucharist is so important that we would literally pray in front of it, why wouldn’t it be worth our time to meditate upon how we got the chance to?