No. Just like with XLN you can activate and deactivate every license/machine online in your user account. To me this is the easiest and most user friendly way. I have no clue why others (Hi Waves! ) don´t adapt that.
I like waves´ plugins a lot actually, but it bugs me that it´s easily possible to loose a license/activation which is a pain since you only get one. To recover it the specific plugin/bundle has to be wup´d. And even if it is you only can recover it once a year. I really don´t get that.
My favourites are the mentioned XLN and Plugin Alliance. You can´t loose anything and their Management/Install-Tools are easy to use, fast and pretty helpful once you got a certain amount of their stuff.