It has a well defined and predictable way of working, you probably are just assuming it does something else.
'Wait' means 'pause the current event and come back to it after a delay'. The rest of the events keep running in the mean time. So if you use 'Wait' in a loop, the loop finishes instantly, because 'Wait' doesn't stop the rest of the events running. Any actions after the 'Wait' complete as scheduled.
I think people keep assuming it stops running the rest of the events during the wait. It can't possibly do that, because it would make it nearly useless - the whole game would hang during the wait...