Maybe it will be better if it was limited only to teleporting between the waypoints themselves rather than having access to them all the time? They are located conveniently enough so that walking back to them, if need be, is not time-consuming.
You could have teleportation between waypoints only, but because there are no random encounters, walking to a waypoint is not exactly interesting gameplay, and after a while, it will feel more and more like pointless busywork. On the other hand, using fast travel to escape from consequences is abusable and problematic.
