Waves has a good platform, but in reality until now has not been able to defeat or overtake Ethereum. I doubt later Waves will be able to replace Ethereum, and I still believe Ethereum is better than Waves.
WAVES will not be able to defeat Ethereum, even to match it is very difficult, ETH has a very strong community and almost becomes a trading pair throughout the exchange, in addition ETH also has a very great development team. while WAVES does not have a community that is as strong as ETH and it is very rare for successful projects to use the WAVES blockchain
For these reasons indeed, it will not be possible for waves to replace ethereum. All projects and coins do have their advantages and disadvantages, but if we are straightforward to compare it to ethereum then that is something that is actually difficult to replace because it takes a long time for them to grow better to be able to replace ethereum.