This is my first rodeo, but I think you’re right. My D has 4 waitlist offers along with 9 acceptances and 0 rejections. Two of the waitlist offers I thought would be outright rejections and one I thought for sure would be an acceptance. My D is not viewing her waitlists as soft rejections, even though I’m well aware that they probably are. But she has several good options in her acceptance pile and is not dwelling on her many waitlists. Still waiting on three more schools too…