Do I waive my right to view reccomendations?

Answered

You have the option to waive your rights to look at the recommendation. You can either agree to the FERPA or disagree to the FERPA. Your application will not be less viable regardless of your choice.

The benefit of the agreeing to the FERPA is that you are informing the colleges that you trust that whatever your recommender are writing about you is acceptable ahead of time. That means regardless of whether they write something that questions your integrity, flag or calls out your weaknesses or short-comings or express something derogatory about your narrative which is inconsistent with the facts, you have no say in the matter. Colleges prefer having a so-called "Chinese Wall" between the applicant and the recommenders so that they can read and gauge and unadulterated non-sanitized versus of what your teacher or counselor really thinks about you without any possibility of collusion or corruption.

It's more of an agreement of trust since some teachers and counselors violate this agreement anyway and show the applicants their recommendations prior to sending them off to the colleges. There is no perfect air-tight solution to prevent this from happening. Nevertheless, if an applicant agrees to the FERPA, they know that the likelihood of some foul play is reduced.

I do not think that colleges are worried about a back and forth, back and forth editing process that might go on behind the scenes between the applicant and the recommender.