Strongly disagree. I'm pretty sure rolling your own crypto will strengthen your understanding of crypto (and potential flaws) a lot. Obviously don't use it in production but by all means, do it for the sake of learning. How can this be a waste of time? That's like saying "never implement a search/sort algorithm, just use libraries"...yeah sure use libraries but also implement the stuff to learn.
RSA is really good example of this: you can "implement" RSA in Python in an hour, and your understanding will include some of the mathematical fundamentals (prime generation, modular exponentiation, &c.). What it won't include is why or how each of those fundamentals comes with a laundry list of caveats that can completely break any scheme that uses your particular implementation of RSA.
I second the recommendation for cryptopals, as well as all of the resources that Matt Green lists[1].
[1]: https://blog.cryptographyengineering.com/useful-cryptography...
RSA is a particularly easy punching bag in this regard, but I think it's true generally (and is generally becoming more true, as we see increasingly clever sidechannels and oracles).
Edit: That being said, I want to moderate my position by saying that I don't think there's anything wrong with playing around with cryptosystems in an attempt to learn them. I do it! I think the risk that people talk about when they say "DRYAC" is that engineers will take their relatively painless experience getting it 10% right in their spare time and think they can get it 100% right without an asymmetric amount of additional effort.
Someone has to write those libraries.
Now, use what you learned (from breaking stuff) to make something which resists the attacks you learned. Congratulations, you have improved the state of the art. This is how actual experts (not sure any of them are or should be "exalted") did it.
† Bad, but, in many cases, very real. Because people stubbornly will not learn this lesson and keep rolling their own we are still finding broken garbage in the real world it's just becoming gradually rarer.
Or even if you just want to understand how an algorithm works, implementing it yourself will probably help you understand it more than reading, or finding problems in someone else's implementation.
That's where i've learnt most of my crypto, although it might be more focussed on the breaking than the making part.
It's essentially a waste of your time. Because of Schneier's Law: "Any person can invent a security system so clever that she or he can't think of how to break it".
The thing that you might learn from, if you put the work in, would be breaking other people's stuff. Ideally you would find something that's actually in use and vulnerable enough that with some time you'll be able to break it, but that's tricky.
So, if you're a programmer try something like "Cryptopals": https://cryptopals.com/
I think Thomas Ptacek is wrong about a bunch of stuff when it comes to security (there's presumably some way to find HN back-and-forth between us if you decide you care about that), but he wasn't wrong about the Cryptopals exercises. By the time you're doing Set 2 exercises this is stuff real people, who were getting paid and thought they knew what they were doing, got wrong.