I can free up a lot of budget by sacking the entire armed forces and selling the jets to Ukraine and Saudi Arabia. "freeing up a significant fraction of the budget" is not consequence free. If he forces the health insurance industry to reform and extract a sane profit margin above cost of service, he deserves a medal. If he wipes out USAID and stops his competitors being funded for battery car programmes he secured for himself in times past.. Less such.
"waste" is a very emotive term for government spending. Many economists laugh at the belief spending less money is net advantageous as a thing in itself: money makes the world go round. Sometimes you want it spent more than you want it saved.