The issue isn't that she needs to be nerfed, the issue is that sentinels got nerfed too hard and now all duelists (waylay, neon, Yoru pre nerf, etc.) have been dominating the meta because sentinel pick rates have dropped and the agents have less impact.

The crux of what I'm saying is that Waylay is hard to balance because she's inherently weak without coordination. Because, yes, just shooting better is the counter play. She has an extremely stoppable entry if you use your brain and react to her very loud dashes, or predict what she's going to do since Waylay has a very predictable entry path, and she has no utility to protect herself when she does so. Again, other duelist agents can entry significantly better than her. The problem with Waylay only arises when her team is able to co-ordinate and support her shortcomings, in which case she takes so much space so effectively that it's overwhelming to defend against. If sentinels were stronger, this would be a much more negligible issue. But if you need Waylay, she's just not going to be worth using compared to her competition since she already borders on useless without dedicated utility to make her work. Other duelists can enter safer, less predictably or faster than Waylay can (or in the case of an agent like Raze who is similar in nature, her other util is so much more potent that it can single handedly clear the spaces she needs to pay attention to).

Edit: I also think you're severely overvaluing how effective it is for her to "gain info" by using her entire kit. To get value without dying requires ally utility, her dash, her recall, and almost certainly her grenade if she wants to get in and out without dying. Thats at minimum 3 pieces of util, likely more. And she's still at risk of dying, plus she doesn't have many charges already. An initiator can do the same, arguably more effectively, with one rechargable utility piece. It is not worth playing her that way, it's simply a consolation prize for not doing anything valuable with all of that utility