I don't perceive Waydroid as slow on my Librem 5 at all, and apps tend to work well within it (playing some ad-riddled games from Play Store on a GNU/Linux phone, out of curiosity to see whether they'll work, was an interesting experience) - with the exception of remote attestation and peripheral access, which, of course, greatly limits the possible use cases.
The former isn't really something that could be fixed, but for the latter I've just had NLnet's funding accepted for a project that's about better integration of Waydroid with the host OS, so hopefully I'll be able to make some progress in this area in the coming months. My personal goal is to be able to download a local public transport app and be able to buy a ticket, which includes scanning an in-vehicle QR code, without much fuss.