"You are basically just saying that agile is more *fr*agile than waterfall"
It is, but then you need to add context to see what that really means.
Agile was always about empowering people over process and bureaucracy. If you are process and paper trail centered you are not doing agile. Full stop. Please, take your time to rumiate this.
Now let's imagine you really are embracing agile and let's think about your team's members (not only developers but management and even customers): is it really advantageous to empower them? Or is it like giving a loaded gun to a monkey? For one obvious thing, taken right from the agile manifesto "Customer collaboration over contract negotiation", will your customer abide to collaborate or will he want a full contract with all things strongly tied -costs, deadlines, features... by day one? Because if it's the latter, you can forget about agile right on the starting line, you see...
Now, on waterfall: of course it is more solid and efficient than agile... provided the customer (be it internal or external) perfectly understands his needs, is perfectly able to transmit them, their needs are perfectly understood and expressed formally on paper, they are agreed back by customer and you have an experienced enough team all across without a hidden agenda.
Failing anything in the list above, waterfall not only tends to quickly fall apart, but doing so in very expensive and notorious ways that agile mentality (in any of its incarnations) provide checks and balances against (but first you need to take the time to understand what is all this stuff about).
Now that I reread what I wrote, find it similar to the republic ideal: it works because its checks and balances, but obviously they only add more moving parts (thus fragility) and unefficiencies... if only everything worked as hoped.