waste of time vs dissipation

waste of time and dissipation both are nouns.

Word	Noun	Adjective	Verb	Adverb
waste of time	Yes	No	No	No
dissipation	Yes	No	No	No

As nouns, dissipation is a hypernym of waste of time; that is, dissipation is a word with a broader meaning than waste of time:

waste of time: the devotion of time to a useless activity
dissipation: useless or profitless activity; using or expending or consuming thoughtlessly or carelessly

Other hypernyms of waste of time include waste, wastefulness.

waste of time (noun)	dissipation (noun)
the devotion of time to a useless activity	dissolute indulgence in sensual pleasure
	useless or profitless activity; using or expending or consuming thoughtlessly or carelessly
	breaking up and scattering by dispersion