I've been using Waydroid with microG on a Librem 5 with PureOS for years. Not extensively as I don't have a lot of reasons to boot Android, but when I do have one it's there.
I've seen some guides for installing Play Services in Waydroid, but personally I'm not interested.
The latest Waydroid beta is over three years old. Waydroid is dead and I haven't found an alternative.
The latest stable release of Waydroid is from little over a month ago. The Android image it uses by default is based on Android 13, which is fresh enough to do its job.
Why wouldn't it? All you need is a binder device for Android IPC and root access to launch Waydroid. It should work perfectly fine when installed and used with Wayland.