Yo there's definitely a reason to waveland and a reason not to. Like anything else in this game, really. When I played with Ripple, I used to waveland way too much, so whenever I got on a platform, he just fsmashed (as marth) for max punishment. So after like 10 fsmashes (lol) I finally got the hang of it and just landed on the platform, waited for the fsmash (it came) and dropped through with a bair.
This is only one situation, but yea it can be used, just gotta look at what your opponent is doing.
Jiggles, yea you can sort of do that, but no good player is really gonna willingly get on the platform from the ground... From the air is a different story, but ganon sucks when he's above you, so they're gonna take advantage of that and hit you from below. That's not to say you can't bait out other things by being on a platform though.
You can waveland off into up air also if they're way above the platform. It makes them think that you're gonna stand on the platform or go in hard to attack, but you waveland off and immediate up air. Kage does this sometimes and it's pretty beast.