I think 浪费时间 basically means wasting time. 耗时间has 2 meanings which depend on the context. One is cost much time, like 花时间 这个项目很耗时间（this project costs a lot of time) The other, well, hard to explain how: 你都耗在家里一天了！you've been at home for a whole day! Maybe it's because he did nothing and wasted a whole day. Maybe he should have gone out and done some exercise. 耗seems to have a wider range of usages and more of spoken language.
no，commonly 浪费时间=waste of time. as for耗时间，sometimes 耗 is a negative word，for example，someone has to take an hour to study Chinese，but he/she isn't interested in Chinese at all，just want to Finnish the class，during the class he/she is 耗时间
举个例子： 1.这节中文课，老师讲得太差了，浪费时间（浪费时间=waste of time） 2.这节中文课我不感兴趣，等待下课的时候，在想中午吃什么，耗时间（maybe 耗时间=dawdle）
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