I haven't seen evidence of competitive programmers being unemployed at a disproportionate rate but I would say that being able to write code is only one heurist

I haven't seen evidence of competitive programmers being unemployed at a disproportionate rate but I would say that being able to write code is only one heuristic to how effective you would be as a software engineer. I don't think that excessive focus on competitive programming is a waste of time if you enjoy it. If you are focusing on it for employability, then yes, I think there are likely other places to spend your time more wisely