What are you scared of hard work? If you are just trading on your own for your primary source of income, yeah then studying for it may be a waste of time--or a feeling of accomplishment.
However, if you work in the finance realm, it can only add to your value, uniqueness, and thus leverage...
When the CFA first came out, it was a lot easier to obtain and pass. The CAIA is relatively new, it can never hurt to have an extra credential. What is the downside to pursuing it? The cost of the exam?