As Cubase has different levels of product available, there is a starting point for most people in the industry who require this software with the Pro version being the top level. Therefore, it can be built around end user needs rather than paying a fortune for everything and only using 40% as other software products do. It would be less appropriate for beginners, or those who do not wish to use VSTi instruments as there are cheaper products on the market which would allow this (Reaper being one). It is all down to user preference at the end of the day, and there isn't one product that will tick every single box for every user.
WaveLab is well-suited when you want to apply a lot of VST FX processing to audio, or do a real-time recording and be able to hear how the FX processing sounds as you're recording. It is an excellent tool for recording in the studio. However, it lacks the sophisticated multitrack capabilities you find in a Digital Audio Workstation (DAW), instead of focusing on the features of an audio editor. It is also great for quickly opening, editing, and saving a lot of files because of how fast it is.
MIDI: MIDI has been an integral part of Cubase since the very beginning. In Cubase 11, working with and editing MIDI has become a very streamlined process.
Advanced Audio Features: One of my favorite audio features is the ability to generate harmony voices in just one click. This speeds up the production process and helps new singers understand different harmony lines. It also gives the ability to add modern harmony sounds to our tracks.
Channel Strip: While we use many plugins to emulate famous consoles and outboard equipment, the stock channel strip is outstanding. The included channel strip could easily stand on its own to get a finished sound.
Control Room: This is an amazing tool that emulates a monitor controller right in the software. Using this allows me to set up headphone cues, headphone mixes, and different monitor configurations. I am able to insert plugins into these chains that do not affect the master bus.
Realtime FX Chain - This is the big one for me. I always had both WaveLab and Sound Forge (along with some other audio editing programs, and using Pro Tools at school). Of the two, I preferred Sound Forge for its user interface and hotkeys, but I preferred WaveLab for its realtime FX. The ability to easily chain FX together and tweak them on the fly while the audio is playing is enormous for me.
Speed - Quite simply, saving a huge file in WaveLab is orders of magnitude faster than in Sound Forge. To this day, I don't know why that is, but it's just faster. Opening and saving files is a breeze in WaveLab, while in some other audio editing programs, it can take 30 seconds or a minute for a large file.
User Interface and Hotkeys - I've always struggled with the UI in WaveLab, and even after all these years, I am just much faster in Sound Forge. I used to have a job as an audio editor, where I edited hundreds of hours of interviews. By using the "Mark" feature, I could easily cut out silence, "ums" and "ahs," and other audio artifacts in Sound Forge. I struggled to do the same in WaveLab but was never able to work even a fraction as quickly.
Built-In Audio Processing - I much prefer Sound Forge's built-in audio tools like time-stretching, normalization, compression, and so on. WaveLab has many of the same tools, but I have not found them to be as easy to use, and in some cases, nonexistent (relying instead on a VST plugin).
Any time I've had to reach out to customer support, they've been fast to respond and answered my questions to the best of their ability. Authorization of the software is easy, and the company is great about emailing you promptly. Overall, they do a great job.
I have never contacted Steinberg, so I am not sure how responsive they are. Still, I've watched countless tutorials on audio editing and mastering in WaveLab, so I am pleased with the level of support available from the online community of users. It is a much-loved program among audio industry professionals, and there are all sorts of great tutorials, tips, and tricks available online.
Pro Tools is an industry standard for a reason, but does come at a cost and with a learning curve. I've found that Cubase is a great place to start, having the ability to do very advanced things, but without the need for it. While my experience has been limited with other DAWs, I think it's been worth the (small) investment.
I am relatively agnostic about what audio software I use. I still use WaveLab to this day, 21 years later, for applications where I want to apply effects chains and tweak them in real-time. Sound Forge even can't do this for some reason. But when I have a lot of editing to do, I'll typically open Sound Forge instead, because I prefer the workflow of using the "M" hotkey to mark the audio as it's playing, and then quickly skip through markers and edit out audio artifacts. When I'm recording a vocalist, however, if I am not using a Digital Audio Workstation (like Ableton Live), then I do prefer WaveLab. I can apply VST effects in real-time to the audio coming in through the sound card input and playing back in their headphones.