I think the big advantage of a traveler on a Wave is for sailing off the wind in a breeze. You can let out the traveler but then sheet in to reduce the twist at the top of the sail, thereby reducing pitchpole tendencies.

It is a short boat to begin with, and the mast is set very far forward, so on reaches and downwind, you don't really want all that twist at the top of the sail.

A traveler would also make jibing less precarious when it is windy.