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Fireworks on the beach for sure
Yes- however its really based on preference. you will be with the crowds on the beach, so if you are okay with that, do it, save the money. The packages are tourist traps in my opinion. Fireworks are fireworks, not matter how much you pay for them. But if you want to avoid the masses, do the package deal (I recommend going on a boat via package if you do any sort of package. Dumb to do one if you are staying on land).
Fireworks in HNL are ok for New Years and nothing to write home about. Are you planning a hotel in Waikiki or an Airbnb? If staying in Waikiki just walk over to the beach and watch the fireworks.
While the Waikiki fireworks are good, the best shows are in the communities with the illegal fireworks. North Shore around the Polynesian cultural center or hanging at the top of one of the highways will have a much better show for New Years.
EY1 - are you suggesting forgoing the packages and doing dinner separate and then walking to the beach for fireworks?