Ignoring or handwaving components is 100% legit. DMs and groups should not use so many rules that they get overwhelmed.

We do use a lot of component related stuff in our campaign because we're such hopeless tryhards. A list of magic words for the verbal components, and costs added to the material components low-level food-and-light–giving spells such as Light and Dancing Lights. And the special ink that wizards use in their spellbook.

It's a part of the game I really love 🤷🏻‍♀️
The idea is that when we're counting torches or trying to buy a pearl or incense, our concerns are the same as the character's concern. We are doing what they are doing. There's something magical in that.

That's not to sell anyone else on this philosophy. I love it so we do it—don't do it if you don't love it. Keep it simple and keep the parts of the game that you love.

And we absolutely do use focus or component pouch for all non-costed components so we don't have to track basic eyelashes and guano. We also use the rule from Tasha's Cauldron that even rangers and paladins can use a focus. (That might've just been an oversight in the PHB.)