No, that is not what it means. A power factor <1 simply means that current and power are out of phase. This does not mean that there is "wasted power". Power factor does not give any definitive indication of wasted power.
That means that half of the power going in is wasted and the
unused "power" is dumped into the neutral leg.
Power factor can give an indication of the potential for noise (in the form of THD), but only if you know the circuit. The THD of up to 35% is the important figure of merit in this case. It is unlikely to be << 35% or they would have just used a lower number in their marketing. At this low power level, power factor will not have any appreciable impact on other equipment but the noise from high THD may.