then I will wave them through

As both a driver and a pedestrian I absolutely hate when people do this. As a driver, I'm trying to do the right thing. People need to follow the law and give way when they're required to give way. That keeps everything predictable, and predictable is safe. (There are certainly times when it's appropriate to break the letter of the law, especially as a pedestrian or cyclist. But those times are basically "when there's nothing a driver has to do to avoid even coming close to you.")

As a pedestrian, I hate it because it just reinforces motornormacy and car supremacy, as though there isn't already enough in our society that does that. In the long run, all it does is make things less safe for pedestrians, because it increases the chances that the next driver will just go through without even trying to give way.