On the one hand, I'm selective with what I see in the cinema purely because my time is precious, rather than for cost reasons (I have various ways of securing tickets cheaply at independent cinemas, and I have a monthly unlimited card for my local Cineworld multiplex). I try to see as much as I can, but I prioritise (in a reasonably well-informed way) accordingly.
All that said, I never turn down watching a film just because it is supposedly bad, because for me, watching a bad film - or a bad play, TV programme, or reading a bad novel for that matter - is instructive, sometimes more so than reading/watching "good" fiction. As a storyteller I aim to constantly learn, and learning from failure is vital. So for me at least, it is never a waste of time.