Was Waterworld the last big budget Hollywood epic to be filmed with practical effects?

Yes, it was the final big budget blockbuster to use ZERO cgi sets.

All the aforementioned films posted above used some. Water World was pure practical effects.

It ballooned from 30M to 180m dollar budget. So studios wanted to avoid them because CGI sets are easier to control budgets.

Though Water World actually made a profit with World Wide Box Office and video sales. It wasn't a flop like people say.