Just to understand the product 
Too much to type here but I couldn’t do mastering without it. Most people think mastering is just the stereo bus processing and forgot about all the technical aspect of creating a distribution and production ready master, which is something that WaveLab excels at.
Yes, you can do a lot of the audio processing in Cubase but Cubase doesn’t have any mastering focused features and WaveLab does, and does it well.
DDP, CD-Text, Metadata, Track IDs, rendering vinyl pre-masters in a special way, excellent metering and audio analysis, the audio montage to assemble EP and album masters, spectral editing, and lots more as I’m sure others will chime in too.
Those are all the things that a multipack DAW like Cubase (or Pro Tools, Logic Pro etc.) cannot do.
Others like WaveLab for the simple and direct destructive audio file editing which is good for broadcast engineers, and also a good pairing with Cubase and Nuendo with the WaveLab Exchange feature.
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Thank you Justin! You answered my question.
No problem but I’m glad you replied because I made a major typo in my first sentence that I never noticed. I fixed the original post.
I meant say “I COULDN’T DO MASTERING WITHOUT IT”.
Yes. that was major! Thank you though.
It should be added that Wavelab pro is the mastering workhorse. If you’re thinking about Wavelab Elements, in my personal opinion, don’t bother. It scarcely does much more at all. That is, unless you want to burn CD’s and add ISRC codes, CD text and sequence gaps but you can get Nero if that’s all you want to do and it’s anywhere from 30 to 60 dollars cheaper.
I never got an answer as to the differences between Elements and LE but the gap between Elements and pro is very large. I would like to see maybe a semi pro version or something.