Wastefull, sort of but not entirely.
There is a difference between no load rpm and load rpm and the amount of throttle needed to maintain it. A laymans example is driving a car on a flat road. Loafing along at 2,200 rpm, foot barely on the pedal. Apply a load (go up a hill) and while the rpm will not change, you will be pressing the pedal further down. Using more fuel because you need more power to deal with the load.
With a genset, the same thing happens. No load fuel draw is very different from 1/2 load Vs full. A perfect system, you have just enough HP to power what you are running and you run at full load. You'll never run a genset at full load, usually 80% or less. You also have to vary the throttle as the load increases or decreases to maintain rpm.