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If you were just working hard over the last 2 years for the purpose of getting this specific promotion, then yes, the last 2 years were meaningless, and would have better been spent slacking off. Of course, hindsight is 20/20 and had you not worked you would have obviously had NO change of getting promoted.
If you worked hard because you enjoy your job or are a good and dedicated employee or take pride in what you do, or by working hard increased your knowledge, impressed your peers, and better set yourself up for future promotions and/or recommendations when searching for other employment, then it is not a waste. Even if you have to leave your current job to find suitable employment, you don't want your boss to get a reference call only to say "yeah, he slacked off for the last two years.".
Remember you have a choice -- no one is stopping you from doing the bare minimum to keep your job and not advance. But the path to advancement is fret with disappointment, and is not always fair. As they say, you've got to risk a lot to gain a little.
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