Am I (28F) wasting my time with my current fuck buddy (36M)?

I’ve been casually dating this guy since late December and we’ve had about 5 dates/dick appointments. They’ve all generally been pretty good, albeit a little awkward at times because we still don’t know each other that well and I entered sobriety (quit speed & alcohol which I’d been abusing almost daily for years to “help” with social anxiety) sometime after our first date which he’s been super supportive of.

Normally when we hang out, we’ll smoke weed (which I still partake in socially) and nicotine, have sex, watch movies, and have gone on a day trip and jammed with our instruments, both of which we’ve made plans to do more of together. The conversation is alright, although not as effortless as I would prefer to have with a romantic interest. Normally at this point in my dating journey with someone new, we’ll have either established a pretty strong emotional connection with each other or have stopped seeing one another entirely. However, I was also heavily under the influence of substances during those situations and don’t really know if this slow pace is just what sober(ish) dating is supposed to be like or if the emotional chemistry is simply lacking.

I recently asked him if he sees any potential for a deeper connection with each other or if this is strictly a fuck buddy scenario. He replied that he does have a connection with me and really likes hanging out with me but he doesn’t see it developing into anything more. When I’m really honest with myself and weigh out the pros and cons, I can admit that I do feel similarly. Even if he did see potential for things getting more serious, I don’t think he would be an ideal partner for me. A classic case of loving the idea of a person, but not necessarily the reality.

I ultimately want to find someone who I have a much deeper connection with and would like to commit to, but I’ve had pretty shitty luck finding that on dating apps so far (which is where I met this guy). My dilemma is that I do enjoy our time together and love that we have some similar interests, cool date ideas, and great sex but there are parts of the “situationship” that are certainly lacking. I’m unsure if I should continue to hang out with him while I seek out other, more suitable options, or if doing that would be a waste of both of our time considering neither of us see a future with one another.

TL;DR: I’ve been having a decent casual relationship with this guy for a few months but neither of us see it going anywhere. Am I wasting our time by continuing to hang out with him until I find someone I’m more compatible with?