Waze does take traffic lights and stop signs into account by noting the effect they have on traffic speed. Consider a traffic light with long waiting times. The road segment leading to that traffic light will have a low average speed. If the average speed (based on the average waiting time) becomes low enough, a longer route that avoids the light becomes the preferred route. This has been observed in practice and is an example of emergent behaviour. Waze isn't programmed to avoid traffic lights but it does avoid slow roads; if the traffic lights make the road slow then Waze avoids them.