Don't give up on that molecular sieve just yet - from what you describe it is doing its job perfectly. You should never expect any water droplets inside it, or after it since it's job is to adsorb the water vapor. What you are doing before it is great - you are getting rid of the condensed water that is in the air stream. Honestly, I'm not at all worried about the liquid water, because as you point out it is easy to get rid of it with a little help from gravity. The challenge is the water vapor in the warm (or in the case of a YH of faster compressor, hot) air stream that will condense into liquid later on - that is the stuff you can't see with what you are doing so far.
The only way to know if desiccants are really "doing nothing" for you is to very carefully weigh them before use, then use them for a while like you are doing (for many fills, depending on the amount of desiccant you are using). If they weigh the same after many cubic meters of compressed air has passed through them then you can safely say that the desiccant is doing nothing more for you. But I can pretty much guarantee that won't be the case, unless you are seriously cooling down the air charge before it gets to your tank - like with a big coalescing filter in cold ice water.
I use 1.5 pounds of silica bead desiccant to dry the air that feeds my Shoebox, and I recharge it after 25 cubic meters of compressed air flows through it and I routinely see about a 50 gram weight difference from the water that is driven out of it. I also use a small molecular sieve filter after the silica one (still before compression) but I have not had it in the path long enough to see how much water vapor it has collected, but I expect it will be very little as the air is so dry coming out of the silica bead drier.
One other thing - any small amounts of liquid water in a tank or filter will likely flash back to vapor when the tank or filter is vented - the air is so dry that at atmospheric pressure it will evaporate almost instantly. People forget this when they look inspect tanks. We should be looking for evidence that water may have been there as much or more than actually looking for actual water . . .
I will say though that you could probably switch to smaller desiccant filter for filling smaller tanks - that will speed things up for you, while still guaranteeing the air is dry.
Here are two longer back to back posts I made on the topic a while ago if you want to read more into what is going on in the air charge:
https://www.airgunnation.com/threads/moisture-in-pcp-airguns.1321274/page-2#post-1839752