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Whether or not it's a waste of time is up to you -- how much profit do you want to make, and how much effort building up for the resulting profit are you willing to put in? It's hardly the MOST efficient route to the MOST profit, but that goes for practically any strategy you can take that doesn't equal 100% of your farmable land growing fruit around the clock, and as much space filled with kegs outside of that as you can muster. Few of us go to that extreme, though ... 'cuz it's boring. Doing a variety of things is more fun. :-)
In true endgame, you run out of things to spend your money on anyway. If you're trying to min/max, that's another question outside of simply "profitable." If you just want to do it to add more flavor to your money-making, go nuts -- once you get enough crystalariums made, all producing diamonds, it'll be more than enough to get anything you want to buy in the future.
I think it'd be wiser with this route (well, most routes, really) to just buy sprinklers en masse from Krobus than to waste resources crafting them. You can buy as many iridium sprinklers every Friday (closing the shop menu and re-opening) as you can afford.
While I agree, the fact that you can buy multiple sprinklers on any Friday is a bug/glitch/should-not-be-possible. And is something that I think will be rectified next update.
I personally wouldn't recommend making a bunch of them unless you love mining, or just have tons of iridium from the statue thing.
I've done a niche/challenge playthrough where I didn't touch the Farming or Fishing skills at all, and just relied on Mining and Foraging for money. I filled the train station and my farm with maple trees for 20k in syrup a week, and had like 12 slime hutches to sell the eggs for profit, along with a shed full of crystalariums.