Ignoring other Off Topic "proofreading" aspects of my earlier comment, Yes - the sequence lost time and lost money is perfectly idiomatic (and common, as shown by many written instances in that link).
It's also common (but not required) to "delete" the second (predictably repeated) instance of lost in such constructions, but no article should be present - it's just [blah blah] is lost time and money.
It's actually far more common to convey that "negating" link between time, money, and some "futile, non-productive" activity by saying it's a waste of time and money. But that's a bit more "dogmatically belittling", so you should avoid it unless you actually want to be slightly "rude, dismissive".
Finally, it's worth pointing out that time and money is something of an "irreversible binomial" (like horse and cart, deaf and dumb, bread and water) - so you won't often encounter money and time in that order.