I think that as long as the string angle doesn't get past 90 degrees you are not wasing energy.
As it gets past 90 you are starting to pull slightly along the length of the limb, trying to stretch it rather than bend it.
E.G. Imagine a skinny limb growing straight out from a tree at shoulder height.
Tie a yard or string to the end and pull down (string angle 90 )... it bends the limb. Now try pulling directly outwards in line with the limb (string angle 180), it won't bend at all! This shows that "feel" can be deceptive.
Del