I think commented out code is considered to be "waste".
I am assuming you are working in a team environment. If you are working on your own, and you comment out code with a 'todo' and you will come back to it then that is different. But in a team environment you can safely assume once commented out code is checked in it is there to stay and it will most likely cause more pain than satisfaction.
If you are doing peer code reviews then it might answer your question. If another developer reviews your code and says "why is there this commented out code that is trying to do 'blah'" then your code has failed the code review and you shouldn't be checking it in anyway.
Commented out code will just raise questions with other developers - therefore wasting time and energy.
You need to ask the question "why" the code is commented out. Some suggestions:
If you are commenting out code because you are "unsure of business rules" then you probably have an issue with "scope creep" - best not to dirty your code base with requirements that "would be nice to have but we don't have time to implement" - keep it clean with clear code and tests around what is actually there.
If you are commenting out code because you are "not sure if it is the best way to do it" then have your code peer reviewed! Times are changing, you will look at code you write today in 2 years and think it's horrible! But you can't go around commenting out bits that you 'know' can be done better but you just can't find a way right now. Let whoever maintains the codebase long term determine whether there is a better way - just get the code written, tested and working and move on.
If you are commenting out code because "something doesn't work" then FIX IT! A common scenario is "broken tests" or "todo's". If you have these, you will save yourseslf a lot of time by either fixing them or just getting rid of them. If they can be "broken" for a period of time, they can most likely be broken forever.
All of these potential scenarios (and ones I haven't mentioned here) are wasted time and effort. Commented out code might seem like a small issue but could be an indicator of a bigger issue in your team.