Yes, what you're saying is 1331.
It sounds like people are relatively bad at mashing unless they're hit by the rolling Bike after you jump off, which shouldn't be happening because they have plenty of time to react to that and it will only bury a grounded opponent. Also, a buried opponent takes about half damage and significantly less knockback from moves while buried, so the only high-knockback option Wario would have available from that is D-Air (and only potentially; I haven't tested if the multi-hits are enough to get someone out reliably, as Sonic U-Smash does).
All three Wafts are affected by Rage pretty significantly, so when you're at high percents, Turbo Waft and even Rose-Scented Waft start KOing at solid and reasonable percents. The fact that you get Turbo Waft so often and that the hitbox comes out significantly faster is something to consider, and Rose-Scented Waft's greater damage output, significantly faster charge (but not as fast as Turbo Waft), and ridiculously big hitbox are huge benefits; the only things they don't have going for them is that they don't kill at ridiculously early percents.