Is my interpretation of somatic components, object interactions, and the second benefit of the War Caster feat correct?

The War Caster feat (PHB, p. 170) allows a player to avoid the somatic requirement of spells when casting. However, since you can drop a weapon for free and then pick it up as a free interaction, you can completely avoid the somatic requirement while still keeping a weapon equipped at the end of your turn.

Action economy used as follows:

  1. Drop weapon (free)
  2. Cast somatic spell (1 Action)
  3. Pick up weapon (Movement/free one-object interaction)

War Caster does have some additional perks, but considering other Feats (like Resilient) exist, War Caster seems almost useless.

I’ve discussed this with fellow players, and the consensus is that doing this works within the RAW, but it’s also silly to abuse the action economy in this way.

Is there a consensus on whether this sort of abuse of the action economy is allowed (i.e. not simply up to the DM) when using RAW?