You are correct. Even in California, we have rural roads. Waze works off crowd-sourced data. If there are no crowds, there is no data. The advantage of using Waze on a smartphone, is that you can see how many wazers there are online. I typically turn that feature off, as the screen gets cluttered. I turn it back on when on rural roads. If there is no one online, I just shut it down and no it will not give me any good data. One of the benefits of Waze for Tesla, is that it shows speed traps.
To be honest, as a have grown older, I rarely find myself in a situation where I am speeding too much. I push it only a tiny bit. I have been hit by a radar gun many times, and they never stop me. They are typically looking for more blatant violators. Still, I use the radar to keep myself in check, and not rock the boat.