Waste of time is a harsh word though.
I chased Strahd with my last character, died trying, wouldn't do anything different if I could turn back time.
It's about telling and living a good story. Winning is irrelevant.
I get entirely what the OP is getting at. I feel much the same way. First of all, it's not about winning and losing for a person to feel as the OP has expressed. For some, if not many, players, playing the game is about "doing" something. For others, it's about immersing and "experiencing" something, which in theory can be done in as passive a role as watching a movie without having *any input at all* on how *anything* happens, period. For others, it's about "acting" out a part in a story, and they don't need to affect how anything goes, if they get to act a role, they are happy. There's probably more approaches to RP than that, but the point being, for some players "doing" is most important, and it doesn't feel like "doing" if you are beating your head on a brick wall. It sounds to me like the OP is posted from the perspective of a "doer."
That being said, on PoTM there are still a lot of things to "do." There are plenty of lesser evils that are defeatable, for one. And for two, escape is, while exceedingly difficult, possible. One can, theoretically, stir the pot by defeating evil after evil after evil, and then escape the land of mists before the evils of Ravenloft crush them. One can also simply remain in Ravenloft defeating evil after evil and see how long one can get away with it before getting smashed for good. None of these things is easy, and if one is going to play here, one has to accept the odds are horribly stacked against you in doing those things. But, if one wants to take on probably the hardest challenges in the NWN world, then there is room here for a "doer."