I don't know if the term "wasting" it is exactly correct, but from where do you think you get the air in your lungs.
All things being equal, you are using a bit more air by blowing into your inflator hose because it requires energy and the creation of that energy requires air THEREFORE you are putting the same amount of air into your BC but also using that little bit of air required to generate the energy. Also, you're supposed to be exhailing very slowly when your reg isn't in your mouth so you're losing that air also.
Cancun Mark has in his signature a statement:
"There are two theories of how to argue with a woman, neither of which work."