Not remotely true.
The predictions theoreticians make guide what experiments are made. If the predictions are of low quality the experiments are unlikely to give us any valuable data.
Let's say I agree to that. How does that translate into an argument that string theory is hogging resources (e.g. funds, infrastructure, colliders, space telescopes) that are now no longer available to alternative projects?
Yours sounds like an argument that it's not making good or testable predictions, certainly an indictment but not (so far as I can tell) responsive to my Q.
