If you've worked out which API calls are happening and how often, you've already written most of the application. It's just that it might be on paper or in pseudocode.
Waterfall was abandoned because getting to that level of detail takes far too long for management to accept and it's easier - sometimes orders of magnitude faster - to write the thing as actual code, try it, and then see what needs improving. And see what was wrong with the requirements.
Unfortunately there are cultural/psychological factors which often preclude or discourage this method, even if it would save time and produce better code in the medium term than either exhaustive planning up front uninformed by practice OR just iterating the initial broken version to continually meet new requirements.
My suggestion of building a first test version to, amongst other things, at least get our feets wet with the programming language (which most of us had hardly any experience with), then throw it completely away and restart "from scratch" (but with a better idea as of what we were supposed to do) was rejected.
Taking things iteratively, small iterations, delaying decisions, learning as you go — that’s what agile development is. And all the stuff you mention above is possible when developing with agility.
Which has led to the ridiculous software bloat we have today. This always MVP, break fast, break often garbage needs to die.
Those are valuable things to build, IMO. Just make sure you leave out enough features that it cannot be pushed into production once someone else sees it running.
But at the beginning, nobody was planning for that call to be fast - implicit requirements lead it that way.
In some ways, being able to identify and detect resource usage is what is nice about waterfall. Identification of critical API calls and respective timings would be integral to continue building the GUI elements. But we all know how waterfall is poo-pooed these days.