I don't see how that follows in several ways. First off "waste" is deeply subjective in many ways - wasted by whose standards? Is time spent at work wasted or time not spent at work? LPuritans had ideas of "wastes time" which were so unpopular they had a return to monarchy they ousted. What would "coming to their senses" entail?

Even then how would it create a global economic collapse? I doubt even a complete advertising melt-down (probably impossible situation where effectiveness of ads goes to 0% and it is known) would accomplish more than a recession or depression at most as even uninfluenced people would have needs and desires to meet and global trade could help fulfill them.

Even if a productivity glut drives down the value of labor that would self limit with minimum wage and "working more would get me less of value than taking more time offc