I just looked, and no, you must have an active internet connection for Waze to work. WiFi or cell.
How does Waze work? - Waze Help
“Waze was built assuming a data network connection would be present all, or at least most, of the time. For all aspects of Waze to operate, you must have an active data connection on your mobile device. This connection enriches Waze with real-time traffic-related information and ensures an up-to-date map.
Without an internet connection, you won't be able to locate or navigate a route.
If you have an intermittent connection, Waze will try to get data from the servers for traffic alerts and hazards, but may not be able to give you reliable information. Additionally, if Waze doesn't have a connection back to the Waze servers, you will not be able to post hazards. Waze does not cache reports or map issues to send later.”