Waze is honestly better than Google Maps.
But with a few improvements, it can become the perfect navigation app:

PIP (Picture-in-Picture) mode:
When I minimize the app, the map should stay visible in a small floating window. Right now it disappears during multitasking, which is inconvenient.

Saved / Offline Maps:
There should be an option to download and save maps for your region. This is very helpful in low-signal areas.

Back button behaviour:
It should not ask “Cancel” or “Shutdown App” when we press the Back button. It interrupts the navigation experience.