It's been like eight years. I don't recall exactly, but what I recall is that Waze showed me other Waze users on the road, including their positions, and these were updated in something close to real-time, which means one could estimate their speed. I imagine a police officer waiting to "ambush" a speeder they know is coming.
I have never seen anything close to real time updates on Waze, even 10 years ago. Its always very delayed jumps and never seeming to be actual accurate positions.