Hi,
You're mixing up waitlist and wishlist.
The waitlist button will only appear when the product is out of stock.
Since there are add to cart buttons on your screenshot, it means that the product has stock.
What you're seeing next to the add to cart button isn't the waitlist button but the wishlist button that you must have renamed to "Watch list" with a translation override.
There is actually no setting to restrict the wishlist button to only some categories / products.
That would require some development.