Waterfall methodology divides software development into separate phases that follow each other in sequence. In contrast, Agile methodology promotes iterative development cycles in which multiple phases of the software development lifecycle can occur simultaneously.
In my view, Practically, the waterfall process would follow product development phases, so any deviation in the requirement would impact a big delay. While Agile embraces a change mindset and a smaller iterative cycle with a specific time frame for each ceremony, so the product is delivered as per current need.