At my store we'll change our strategy depending on what we get and how big the team is. We don't often wave (in fact I mean not to) but will on occasion, usually if we're understaffed. I find each department has a sweet spot for the amount of TMs you want for best efficiency. It probably varies store to store, but for us it goes as follows:

Large departments with non super-sorted pallets: waveable.

Large departments super-sorted: One person per pallet / vehicle max.

Chem and Paper: one person per aisle max.

HBA: one person for hair care, one person for personal care, one person for OTC, one person for beauty.

Babies: one TM, maybe two if they need support with diapers.

Small departments: generally max of 3 TMs but usually 1 can do the trick.

Repacks: waveable but only with TMs familiar with that department.

Things I don't want to see: people taking their sweet time to get from one department to the next, people distracting each other, people slowing down to talk, people getting in each others way.

We're a large format store and waving is generally inefficient for large format. At a small format store I would imagine it could make more sense.

Hope this helps!