Hi @RIL,
Welcome to the Waves Forum.
The rewire component is installed when installing the Waves Tune plugin.
Without ReWire, Waves Tune will display a message that “ReWire link has not been established” and will not sync to the host transport and timeline. Kindly note that this feature simply syncs the DAWs timeline to the plugins, it works exactly the same without it.
Also worth adding is that the Rewire software is not related to Waves, the compatibility requirements are on the DAW’s side.
You can always try a demo and see how it works out for you.