Can intelligence and potential be wasted and squandered?

Can potential and intelligence be squandered? If you have a person with an IQ of 198–205 but they don’t apply themselves, would that guarantee them a good job? Even if they worked their and schluffed off and did not hardly work their geniusness would make a poor day for them still better than the rest of us working hard? Or would an average or slightly average person working at a high lever be better than a genius working at only 20%? Can genius potential actually get squandered or it is so high it will always come out on tom anyhow?