I can't compare the Silky to the current Wave but can to the old one.
Two issues: teeth and length.
The teeth on my old Wave are fine and better than several other folding saws. The teeth on the Silky are, as you know, amazingly good. That said, it's not like you'll go to the Wave and find the teeth are horrible. They're much better than horrible.
What you will find though is that the length on the Wave saw is frustratingly small for brush/trail clearing. IMO, it's too small.
For backpacking, I carry an Opinel and a PS4 Squirt. This covers everything I need for 99.9% of the backcountry situations I've encountered. For general backpacking I consider larger multi-tools and saws to be "bad weight".
For winter climbing and ski touring, I'll carry the same thing adding crampon/ski binding specific tools (ratcheting t-handle driver for ski bindings). If going to a place where a fire is possible, I may carry the Silky and/or replace the Opinel with a larger fixed blade. (As an aside, I know a lot of backcountry skiers who do "volunteer" forestry on public lands (ahem) and the Silky saw is definitely among the top choices for that sort of thing.) But again, I don't carry a full sized multi-tool. Bad weight.
For (road) bike touring, I carry small, individual bike tools augmenting a bike specific mini/tool with hex keys. Again, I don't carry a large multi-tool for bike touring. Bad weight. Interestingly, a set of well selected individual tools for bike repair can be lighter than combination tools while offering more functionality. You don't need to carry the connective tissue of extra metal to hold stuff together.
I do carry a full sized multi-tool in my day pack (EDC) and it's super useful in saving runs to the tool box. I find the saw on the Wave to be useful for small projects. I'm glad it's on my tools for that reason.
I don't mountain bike in the backcountry but if I did and triangulating off of the things I do, I go with a light bike oriented tool kit (pliers are rarely needed for bike repairs), augment it with a EDC knife of choice and a mini-multitool like the PS4 (or the tiniest needle nose vice grips). And for the occasional trail clearing, just carry the Silky. You might drop in to the Outdoor sub forum and ask about lighter saws, but suspect the Silky will just keep coming out on top of the suggestions.
