Possession in matches another name for time wasting?

Just looked and after 55 minutes Juve lead Barca 3-0 yet they've only had 33% possession no real attacking intent from Barca just square passing.

The idea is the less ball they have the less chance they have of scoring but at that level of the game you have to have perfection all over the pitch. They miss Xavi and Iniesta for their style of play

If you look at the premier this season it's a common accurance teams who had less possession than opposition winning the game! As they say it's not amount of possession you have its what you do with it that matters.