YES. Absolutely, it can be squandered, as I have proven first hand. I am lucky enough to possess a rather high iq, spent almost all of my life in school (screwing off perhaps too much of the time), ended up opting to drop away from my science based direction, and have been working mundane jobs (ie jobs which do not require any education & offer very little intellectual stimulation, monetary compensation, or respect) since leaving grad school.
Can I schluph oph and still have my work exceed those around me who actually try? Yes, and easily.
Does this mean that my intelligence is not squandered? No.
While someone is required to do my job, and preferably as well as I, the truth is that I am not required for my job, because my job does not even begin to tap into my intellectual capacity. While I generally feel that a more intelligent human race is better, someone like myself (and yes I do recognize that my tone may sound a bit arrogant) should be doing something that most people cannot, something to contribute to our world, our species, and shouldn’t be taking up jobs that are needed by people who weren’t lucky enough to be born with a high iq. Unless you are very well centered and all zen, working a mundane job while possessing a high iq will drive you insane and promote whatever unhappiness already exists within you, which is no good for you or those around you, especially when you get frustrated because while you may realize that you have no limitations, people are constantly assuming their limitations onto you.
In an overpopulated world, where people are struggling just to have work, and I’ve straight out wasted my potential for far too long, I know there’s a limited amount of time I can continue to work such jobs, and I constantly debate with myself about whether it’s worth going back to school to pursue something like medicine or physics, or how much longer it will take me to complete my personal tasks in life before I commit suicide, or even if these personal tasks matter all that much anymore after recognizing how much I have squandered my potential and if suicide should come earlier so I stop wasting all the resources that my life requires.
So, yes, the potential which comes with a high iq can easily be squandered, and squandering that potential is worse than many might think.