Inefficient because using a LED for that job is like using a set of fine china to hammer in a nail. Yes, it works in theory but why would you ever do it when there's a specialised tool available for that job. And that's a photodiode.
As a more technical explanation: LEDs have an extremely small emitter section/semiconductor, so you're a) focusing A LOT of light onto a very small and very heat sensitive part and b) you have to hit that small target in the first place. Plus, VIS LEDs use a direct semiconductor with a bandgap in the visible range (duh) -> let's say you have a theoretical LED that emits green light at 532 nm. In an ideal world, that LED could only register light between 531 and like 250 nm. Completely blind to green and red light, literally zero response.
A photodiode is the same size as a LED, costs the same, can be connected to a voltmeter just the same, even outputs a voltage in the same range but reacts to everything between 250ish and 1100 nm and has an orders of magnitude bigger "sensor area".
So why would you ever use a LED for this?