Wafer (from German Waffel) is a type of thin dry cookie with an imprint on the surface. Baked from whipped liquid dough in special forms. The dough consists of flour, eggs, sugar (in sweet waffles) and cream.
Pancakes, mlyn, polab. mlync, ukr. mlynets is a Russian dish baked from liquid yeast dough in a frying pan.
These are completely different dishes in taste, sensation, possible filling, etc. and probably preference depends on the region and traditions
In my second post in want to know which is better pancake or waffles