I haven’t looked at the numbers across colleges in depth for this year, but I know the college my daughter is at made more absolute admits than last year for the same number of expected students, so it seems part of that is already accounted for in the calculations. I have no idea what the size of their waitlist is (it’s not been on the CDS), but a lot of people on CC are also waitlisted there. However the FAQ says that in the past, between zero and “hundreds” of students have come off it - in that context, the 700 extra admits this year looks pretty ample.
I see this “more waitlist likely to come off” this year being cited often here on CC, but if many schools also expected lower yield and made more admits as a result - then that may not actually be the case.