No they are not, because studying for exams helps to sharpen the mind, which helps one to learn Torah better. Taking exams helps the mind to focus and reason things out (especially with multiple choice questions), a talent that comes in very handy when studying Gemorah where one needs to be able to reason things out. Anyone who thinks it is bittul Torah, has probably not considered that ALL aspects of life teach us something that enables us to appreciate limud Torah even more. Maybe one should not sit outside and smell the flowers or enjoy the pleasant day, either (though that is a way of reflecting upon the concept of “mah rabbu maasecha, Hashem).
I totally disagree with anyone who thinks otherwise. And besides, most people need an education simply in order to make a parnasssah. Not all of us have rich shvers, and even if we did, what is the NEXT generation after our kids going to do when the rich shver is gone, and their kids don’t want get a secular education, either?