Anecdote: A couple years ago, while driving into Toronto on the 401, we hit some traffic as always. Waze told me to get off at the next exit which I was fortunately right beside, so I assumed it was going to route me around the accident and back onto the highway after it cleared up. What it really did was take me up the off ramp, do a U-turn, and get back onto the on ramp to gain about 700m of distance from where I was before. It theoretically saved me 5 minutes of travel time, but it only really moved me a few dozen car lengths ahead.
Their wealth of real-time and historical data is certainly beneficial, but it also causes some truly bizarre navigation now and then.