African cichlids tend to graze all day long, like many small community fish. This means that more frequent feedings is more natural.
Twice daily is pretty standard, but if possible 3-4 is even better. How long it takes them to feed varies by how aggressive they are about eating, how many fish are in the tank, what types of fish are in the tank, etc.
You shouldn't feed less to cause less waste, that means you aren't doing enough water changes to begin with. You water changes should change based on the needs of the tank, not vice versa.
The problem with frequent smaller feedings is that if you have fish that are more aggressive eaters than other fish in the tank they will eat all the food every time and by the time the lazy feeders realize there was food it is all already gone. In those situations it is best to feed one or two larger meals daily so that the aggressive feeders can become full and there is still food around for the other fish.
Another trick I have learned has to do with the size of the fish and the size of the food. I also feed NLS and I will feed the 2mm or 3mm food first and let the larger fish and aggressive feeders fill up on that, then offer a 1mm for smaller fish. Since the larger fish filled up on 3mm they don't take all the 1mm from the smaller fish. The larger pellets also fill up the larger fish much better.