First it does nothing to the fission products (which are the bulk of the radioactive waste by mass). Second turning U238, Pu240, Am241, and transuranics other than Pu239 into usable fuel has never happened without being a minor side-product of neutrons from a fissile source, and using the dregs of Pu239 that is <1% of the spemt fuel and <20% ofntue waste does not reduce the radioactivity of the waste, rather it makes it more dangerous because Pu239 is significantly less harmful than the result of putting MOX in a nuclear reactor, as is regular spent uranium fuel.
Pretending otherwise is knowingly disonhest.