I'm not so sure about that. Considering how much time, treasure, effort, lives, expended by the traumatizing effect of the Tirpitz just laying about in the fjords waiting , all the resources of the RN tied up keeping the ship from getting out into the North Atlantic, etc. it seems like the Tirpitz did it's job fairly well. All of the Admiralty was certainly wound up about it, all the way to Churchill himself. Carrier raids, midget submarines, countless bombing strikes, keeping the Home Fleet at home (just in case the Tirpitz did steam outside the fjord).
It seems to me that the Tirpitz, for all it's lack of real naval seapower exploits, did a marvelous job living inside the Admiralty's head rent-free, and tying up resources to a fare-thee-well. All of those resources could have been used chasing after Uboats or trying to shut down the Luftwaffe's Northern contingent, attacking German airfields in Norway, or perhaps working in the Med.
Just the threat of the Tirpitz and it's auxilliary craft kept the RN pretty busy for quite a long time. That's hardly a total waste.