I think you threw out the term "waste of time and money" willy nilly; but your point is taken.
Yes, if you know how to disconnect an oil cooler line and change the fluid, that is more efficient method to change fluids, but then I'll argue again, why did you wait for all the ATF to get so bad that you require changing all of it.
D/F method
ro: Easy to do, fast and easy if you coincide with an Oilchange. Low cost. DIY-able. Cons: Wastes some fluid, may have to do multiple times, but fluid is cheap.
Oil Cooler line replacement: Pro: wastes less fluid, changes more fluid at one time. Cons: More time for the service, requires higher skilllevel, Can be costly if you are not doing it yourself. Potential that changing all the fluid in one go causes issues; but that's somewhat of a debatable urban legend if the transmission was in good shape to begin with.
The question on this technique though still is:
Why did you wait for fluid to be degraded to an unserviceable state to decide all of it needed to be changed? It doesn't suddenly change from good to no-good.
So my point is "it's not a waste of time and money", the time and money cancel out with skill, It's more of a draw depending on your skill level. Lexus and Toyota Engineers and the service manual think drain and fill is the Proper technique. If you want to argue with the designers of the car, fine you're smarter than them.