Apple hides the Library by default now, but I think that’s different than Invisible/Hidden Files.
The easiest way to find the Preferences folder is to go into the Preferences area of WaveLab and choose “Show Setting Folder”.
When it appears, save this location in your Finder sidebar as a favorite so you can get to it easily later.
Attached is a picture.
And here is a video I made regarding Preferences & Settings:
It was made using WaveLab 10 but the concept is the same.