**Core Concept**
The question is testing knowledge about the physiology and function of the kidneys, specifically the aspects related to blood filtration, acid-base balance, and electrolyte regulation.

**Why the Correct Answer is Right**
To answer this question correctly, one needs to understand the role of the kidneys in maintaining acid-base balance and electrolyte homeostasis. The kidneys play a crucial role in maintaining the body's acid-base balance by regulating the pH of the blood through the excretion of hydrogen ions and the reabsorption of bicarbonate ions. This process is mediated by the enzyme carbonic anhydrase and the enzyme sodium-hydrogen exchanger (NHE3) in the proximal convoluted tubule.

**Why Each Wrong Option is Incorrect**
**Option A:** This statement is false because the kidneys do play a role in regulating blood pressure through the renin-angiotensin-aldosterone system (RAAS) and the release of vasopressin (ADH).
**Option B:** This statement is false because the kidneys do regulate electrolyte balance through the excretion of potassium ions in the distal convoluted tubule and the collecting duct.
**Option C:** This statement is false because the kidneys do filter waste products from the blood in the glomerulus and excrete them in the urine.

**Clinical Pearl / High-Yield Fact**
One key point to remember is that the kidneys have a unique ability to regulate acid-base balance by excreting excess hydrogen ions and reabsorbing bicarbonate ions, which is essential for maintaining the body's pH homeostasis.

**Correct Answer: D.**