This is seemingly based off of your not liking the author mentioned that it would be the "sqlite of RAG" (which, notably, does not at all imply the use of sqlite, in fact, it suggests this is an alternative to sqlite).
To address your other questions about if the file format is actually a sqlite database, the readme does address that: https://github.com/christopherkarani/Wax?tab=readme-ov-file#...
The fact that the format is append-only seems to rule out that it is sqllite, but I could be wrong.