It can't be both. It can't be 2-4x multiplier _and_ be wasting your time to the extent that you have to "get a feel for when it has been wasting your time".
I don't understand these people that are saying they are getting huge value from LLMs. I haven't put a ton of effort into figuring out how to "hold it right" because stuff is changing so fast still. I've had bad experiences with rabbit holes like this where the true believers will tell me the pot of gold is always right around the next corner. If and when I can get some positive value out it using whatever's easily available on the default, then I might investigate deeper.
My experience mostly consists of GPT and Copilot, as provided by my employer. I'm part of a pilot program to evaluate Copilot. My feedback is that it's slightly positive in agggregate, but individual results are very mixed. It's not worth much to me.