I wouldn’t say fencing is a waste of money.
It isn’t completely deer proof, but it does reduce the pressure.
I’ve got ground that was completely unmanageable before the fences went in - they just poured in out of adjacent woodland. Now there are still deer, but rather than shooting 8 every trip, I shoot 1 every other trip.
The body size has gone way up for the ones inside the fence - 18-20% weight increase and some thumping great heads. But the density is now 3 per km rather than 25+.
And I’ve not been even slightly selective. I’ve shot everything legal that I’ve seen.