To me, String Theory is a classic case of reaching for something that is out of reach. It could be that it is 'right', but we just have too large a gap to get from our experimental abilities to the point where we can demonstrate something concrete about String Theory.
I am unaware of the specifics of budget and how much money actually goes into funding String Theory efforts as opposed to other lines of research that are a little closer, and reachable, so I cannot speak to the idea that studying it has done us any harm.
Forming opinions as we speak