The concept is real. This exact two-kanji spelling is mostly a Western invention.

What a Japanese person actually thinks
Most Japanese people recognise the concept immediately and the *spelling* not quite as immediately. It reads slightly like a foreign back-import — the way 'zen' is used in English. Not wrong; visibly assembled abroad.

Meaning

Literally: loneliness/austerity + patina/age
Actually: An aesthetic of beauty found in imperfection, age and incompleteness. But Japanese normally writes the two ideas separately — 侘び and 寂び — and rarely welds them into the bare compound 侘寂.

Scores

Naturalness●●●●●

The concepts are genuine and central to Japanese aesthetics. The fused two-kanji form is uncommon in native writing and got its currency from English-language design books.

Coolness●●●●●

Two beautiful, unusual characters — 侘 in particular is rarely seen. Visually excellent even where the orthography is a bit off.

Watch out

mediumThe English 'wabi-sabi' has drifted a long way toward 'shabby chic'. The Japanese sense is closer to austere, lonely, weathered — melancholy rather than cosy.

Get this instead

侘び寂び wabi-sabi
the same aesthetic, written the way Japanese writes it

Adding the okurigana is how the words actually appear in Japanese. Longer, but it stops reading as an import.
幽玄 yūgen
profound beauty beyond words

If you want an aesthetic term that is unambiguously native and genuinely admired.

On skin

侘寂

Orientation: vertical

Mincho. 侘 has a person radical and a lot of internal detail — don't go small.