For me the draw is that Waterfox has partnerships in order to provide funding so if/when Mozilla truly loses the thread (which some may argue they have) WF can keep going on its own, whereas the Librewolf devs have stated that if push comes to shove they can't maintain an entire browser themselves.
waterfox is downstream of firefox and can't meaningfully match mozilla's maintenance of the core browser
librewolf devs are just more honest about it