The QF program may suck, but it doesn't suck when you get a very very short phone wait time. Status counts sometimes
. This might tip the balance in favour of putting points into QF and getting status. Time is money as you clearly identify.
As a SG, haven't had a waiting time longer than a couple of mins for as long as I can remeber.
to the OP, I would suggest if you value a short waiting time on the phone, then credit the miles to QF. Like it or not you can't have your cake and eat it as well