Enchanted armor are most of the time much better than In game armor. Same for Weapons.
One of the reason is that the Extra Effect Perk allows you to have 2 enchantment per item. It is very rare to find 2 enchantments that SUITS YOUR CHARACTER on the same item with in game equipment.
Most enchantment are available and with high enchanting and alchemy skill, will be more potent than anything you can find in game. There are rare exception where enchantment cannot be disenchant, the most notorious one being the Sneak attack multiplier from Ancient Shrouded Gloves. All the assassins want that to be a disenchantable item.
In my point of view, Enchanting is NEVER a waste. Now enchanting combine with High Smithing and High Alchemy can make you EXTREMELY powerful. You will be able to one shot everything if you want to. So, you have to balance it yourself.
Enchanting is that powerful that I intend to make my next character an artificer: full enchanting, fUll alchemy and full smithing. No weapon, armor or magic school perks whatsoever. Just the used of high level enchanted items. The game make it that I will level the skills, but in term of damage output and results, my artificer would be not as good as a weapon Specialist, but not so far off.