as a workaround you can remove/rename the file named history located under the waze directory of your device.
The bad thing is that you will need to redefine your favorites.
The annoying bit for most people is that they appear in the recent list, not the favourites.
If you delete the history file, you can restore it from the server by doing a navigation search for ##@restorefav. You will be prompted if you want it restored or not.
The favorites should remain intact, but the recent history should be cleared, with only home and work in the list.