I think this varies by school. WL at some have always been 150% of the entire class. In 2016, DS had one rejection, 6 WL, 8 acceptances.
He elected to stay on 2 WL - his 1st and 2nd choice schools. Was admitted to both (which we all found astonishing.) Within the first 3 days of May - so clearly both had underenrolled boys. Attended 1.
You need to decide where to matriculate based on where you have acceptances. Pay the deposit. Read the course catalog. Get invested!
If there are schools where you are on the WL and where you can say with certainty that you would happily enroll if given the chance, accept your WL spot and send a LOCI highlighting any new accomplishments. Then put these schools out of your mind. You may be told at some future date that the WL has closed. (Others may not hear this. But it could be they are full with your gender, for example. ) You may be asked if you’d like to stay on through the summer (so after you’ve picked courses, met your toommate, etc at the school where you have enrolled.) Or you may get a call asking if you are prepared to say yes if they send you a formal acceptance - generally within 3 days. It’s impossible to know what will happen.
Do NOT accept a WL position to see what might happen. Or to decide later. This achieves nothing.