For now, the green light remains on the standard, free version of Waze. But given the industry trend toward subscription models (Microsoft 365, Adobe, even car features like BMW’s heated seats), do not be surprised if you wake up one day to a push notification reading: "Introducing Waze Premium — Go ad-free for $5.99/month."
Google is cannibalizing Waze. Eventually, Waze may become a "skin" or "mode" inside Google Maps. At that point, the concept of "Premium" will be tied to your Google One subscription, not a standalone Waze product. Waze Premium