So the description in the README is a bit off and your interpretation is right.

Ah, cool, thanks.

The distance-to-next-waypoint is now part of the (popup) description that scrolls on the bottom of the map display.

See, that's the thing... I love knowing the distance to the next waypoint even when the next waypoint isn't immediately imminent. For instance, if it's 50 miles to the next waypoint, I want to see it count down. (Since I don't have the scrolling text up all the time, it just appears whenever a waypoint is imminent.)