It “wastes” a register when you’re not actively using them. On x86 that can make a big difference, though with the added registers of x86_64 it much less significant.
The actual «wastage» is in having to generate a prologue and an epilogue for each function – 2x instructions to preserve the old frame pointer and set a new one up, and 2x instruction at the point of return – to restore the previous frame pointer.
Generally, it is not a big deal with an exception of a pathological case of a very large number of very small functions calling each other frequently where the extra 4x instructions per each such a function will be filling up the L1 instruction cache «unnessarily».
There is also a significant number of projects that go to great lengths to force-override CFLAGS/CXXFLAGS (usually with «-O2 -g» or even with «-O») or make it extraordinary difficult to change the project's default CFLAGS, for no apparent reasons which eliminates a number of advanced optimisations in builds with default build settings.
Aee also this benchmark from Phoronix [0]:
Of the 100 tests carried out for this article, when taking the geometric mean of all these benchmarks it equated to about a 14% performance penalty of the software with -O2 compared to when adding -fno-omit-frame-pointer.