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No, I'm afraid value is subjective. So I say it is a great USE of electricity. But the homeowner paid for it, so it is theirs to use as they see fit. Just like you can waste or use electricity for your computer that your using to waste/use time on Youtube.
This reminds me of a house that is by me that the adress was legally changed to One Santa Claus Lane...the only diference is every surface is covered even the grass, everything except the driveway...
My parents told me that there were whole blocks that would have contests for the best Christmas displays ( Chattanooga during the 40's - 50's ). I wish I'd been around to see it. I bet it was a lot like this, except for the music.
Yeah, maybe they use LED lights, like they make for Christmas displays ( eco - friendly ) so, it would use less electricity & the lights would last, AND be less of a fire - hazard than conv. lights.
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Anything that brings joy is NOT a waste.