If you exit Waze without a data connection, your route data will be lost. If it is a long drive, you will not have all road maps cached and will eventually find no roads visible on the map and will be driving on an empty white background. You will also not get any traffic updates, hazard notifications, police, etc., nor will you be able to post the same. Turn-by-turn instructions with spoken street names will also likely default back to turn instructions without spoken street names at some point as that requires more data from the servers.
Other than that, it should work great.

