Yes, being waitlisted feels more painful than being rejected.
When I applied for MD last year, the school gave an applicant day which includes an interview and written test. Decisions should have been made after that. But I was 'selected' for a 2nd interview a month later. The person on the phone said a lot on how rare it is for them to interview an applicant again. It took almost another month after the 2nd interview to receive the notification that I was rejected. In the meanwhile, I had lost count of the number of lengthy emails they sent to me implying that I was still on the waitlist.
I naively thought I could get it and wanted the MD so badly. Consequently, I missed the deadlines for PhD programs that year. I swore never to apply to that school again.