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Unless your business is highly dependent on image search, then no, you didn’t waste years.
Alt text can help with image search, as well as file names, but it is mostly for screen readers for people who are visually impaired.
It will barely move the needle, if at all, for traditional rankings. In fact, I would argue if it does move the needle for your site, that is a sure sign that your content is average to bad at best.
