I'm not sure that's the case as jasonroseweir has posted a screenshot that appears to be on iPhone and has road name labels like mine. I'd be happy to turn them off as they get in the way more than they are useful.
Veering off topic, that's an interesting Waze display you've posted, with road names picked out on the map. I've never seen it like that, is there an option I'm missing? Or is the app display different on different phones? The previous picture post shows what it looks like on my iPhone.