If they had done this for 15 separate projects, 14 times that meeting could actually have been a waste of time, but on the 15th project they saved all this time and they'd still come out net ahead due to the meetings.
What makes this even more pernicious is that there's such a huge discrepancy in possible time wasted, but depending on personal preference it might feel very different to the people involved. For "hacker" or builder types, any meeting at all might feel like a brutal waste of time even if it saves time in the long run, they'd personally rather waste a few days building the wrong thing than sit in a bunch of meetings. But manager types can take this to the other extreme, they feel productive in meetings and end up scheduling too many of them. As always finding a good middle ground is important.
In my experience, those two programmers rarely have a good enough understanding of existing codebase and momentum to make good decisions. Without meetings, there is little way to avoid these problems.
Programmers are good at implementation, not (necessarily) decision making.
Also, meetings only make sense if everyone is focused on decision making; this is a company culture issue more than anything.
If you define productivity merely as writing lines of code, then sure, meetings are a waste of time. But if you define productivity as delivering something genuinely valuable, then talking often makes you much more productive.