Reading your comment I saw so many similarities to any large organisation which I worked for that I can't help but think it's simply on the same level.
Hell, my first internship was 100% budget filler and, in line with my role, I was useless.
Regarding inefficiency: I'm a contractor for a large organisation and have been for over three years now.
My contract is up in a few months and by that time I will have a total of four years of cancelled projects under my belt. At least one of them started out as an Excel sheet and in truth could have remained so.