Wasting the Days of Probation

But wo unto him that has the law given, yea, that has all the commandments of God, like unto us, and that transgresseth them, and that wasteth the days of his probation, for awful is his state! (2 Ne 9:27)

Is it truly a waste? Does this time of probation still serve a purpose even if we don't return to live with God? Is there still worth in it?