Really depends on the type of material. Look at a hacksaw blade as an example, when you see the ripples and look closer and see the teeth on the ripples, that's wavy, it makes a larger kerf and clears material easier. I might use this for something that expands quickly when heated, as you get a bit wider kerf and more clearance, and the waves hit alternately generating more heat. Rake angle will determine how aggressive each tooth is.

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Top is a neutral rake, bottom would be negative rake, a positive rake would look more like a hook.