Heres how I see it...
Hyperlapse captures compound motion at two different speeds. The main two are 1) Objects within the scence moving at a very fast rate, 2) movement of the scene as a whole at a normal rate.
A good example is the beginning scenes of House of Cards. Clouds move quickly, but the scene moves slowly (or normally) as it transverses the buildings.
If you just speed up a video, the whole scene will move too quickly. And using waypoints allows the drone to move at a very low, consistent speed while taking timed shots. It's almost impossible to maintain a slow speed over a long distance manually.
The alternative is to have a scene with only one dimensional movement. Hover in one place while taking timed shots, or hover and do what you say.. just speed up the video.
