Wave Drivers can be easily dodged at maximum range even with Iridium Magnets, just like most other Projectile weapons. They are only accurate when equipped on destroyers, which can predict enemy movements.
Wave Drivers have poor firepower compared to the Gladius Driver and are directly replaced by the Boosted Gladius Driver, which also has increased shield bypass.
The Wave Driver's projectiles are very small, presumably to pass through enemy shields.
There was a bug that caused the Wave Driver to detonate at that target's location but deal no damage.