Thanks for making the report. Unfortunately Waze is not able to identify school zones or other areas with variable speed limits. As Waze is not able to identify multiple or variable speeds we only show the higher of the two legal speed limits. The M2 does have a 100 limit of an evening and as such we have mapped to that.
There is an enhancement request on the roadmap to develop a function to support different speed limits based on the time of day. Feel free to add your voice to this request here https://tinyurl.com/timedspeeds
Please keep sending through any errors you come across and helping other Wazers.