There is such a thing; you just don’t know it yet. With every audio file you can save its master section settings, and also with every montage you can save all settings. You certainly don’t need to save wavs in formats with or without rendering, since basically WL is a non-destructive editor. Unfortunately there is no real manual (yet?), but I hope you do read what’s available.
Why? Because of history and the way things go. Wavelab has its own history as a very well thought out audio editor and mastering program, and that’s quite different from the multi-track audio and MIDI recording program that Cubase is. Somewhere along the line those two came to be under the same mother company. I don’t think the difference is that big anyway - and I use both WL and Cubase 5.
Luck, Arjan