Assuming I work 8 hours, it kind of feels like I'm also working during my 3 hours of commuting, but I don't get paid for that — what a waste.
Literal
Work [topic-は] 8-hours do [assuming-として], somehow commute 3-hours [attributive-の] interval [also-も] working [seems-ようで], but money [topic-は] not-come-out-[classical-negative-ず], wasteful-[assertive-な].
A wry grumble. ~として ('assuming, taking X as') marks a stipulated premise. ~ようで ('it seems like, it feels as if') uses the te-form of ようだ to link to a following contrast. 出ず is the classical negative stem-linker. もったいない ('wasteful, too good to waste') is a culturally important Japanese value expressing regret over waste.