Not really. I think they should spend big money on 3-4 players and fill out the roster with a few vet mins and the rest with draft picks. Pretty much exactly what they are doing. I don't even have a problem with Edwards being on the roster and getting minutes. I just don't think he's going to be good.
Basically, I think Terry Rozier, Semi, Edwards, Waters are the types of guys you let play out their contracts because they are on rookie deals and all NBA teams are going to have 5-7 guys on their roster that aren't materially better than they are. Bring in 6-7 rookies every year and hope 1-2 work out and just keep cycling thru players. You just don't bring them back because that's what bad teams do. They are easily replaced.
If Edwards turns into a 25 point scorer on .500/.400/.900 shooting in season 2, you react accordingly and sign him. If he's scoring 10 points a game on 37% shooting from 3 in the last year of the deal, you let him walk because the Knicks will pay him 4/70.