Both I/O cards will allow you to multitrack record
Both I/O cards will allow you to pass audio to a computer and use a DAW to utilize plugins.
Both I/O cards will allow you to pass 64×64 audio channels to other devices that have the same cards/architecture installed.
The Waves card is required if you want to use the Waves Soundgrid Server. However this is not the only way to use plugins, including Waves. The Soundgrid Server does provide for a very low latency solution, but is not the only solution for very low latency. For example, you can purchase a Dante PCI slot card that will provide very low latency connections.
The Dante card can pass audio using an existing network system that includes other non-Dante devices
The Waves card must use a stand alone network that cannot be connected to non-Waves devices
Waves cards are typically cheaper than Dante cards
Dante is more expensive but also more universally accepted with many more devices that use the Dante protocol vs the Waves protocol.
