good idea/bad idea, necessary democratic reform or authoritarian imposition? are there better or worse ways to do it?
We also have first past the post voting, so using said voice is never a waste.
FPTP is the shitty undemocratic system America and the UK use.
We use Instant Runoff Voting, which is a type of preferential (also called “ranked choice”) system. Which, as you say, means you aren’t wasting your vote by voting third party.