I think it really depends on which schools you're waitlisted at, and whether any of those schools is your top choice. If you're eventually admitted and you know you're definitely going no matter what, then I'd suggest contacting them to express your thoughts and see where you stand on their waitlist.
If you're uncertain about whether you'll accept the offer once they admit you, then I would consider other options like working or reapplying next year, etc. It's a two-year investment in yourself—both time and money—so I wouldn't just pick one, especially when the choices are limited. I first applied in 2021 and, sadly, I was rejected by all of them, so technically I didn't have any choices. 🥲 But I reapplied this year with a much better portfolio and was accepted to all of my top choices, which allowed me to make a very informed and satisfying decision.
Anyway, it also depends on your own situation and how much you want to be in school right now. I hope this helps.