Wayland requires a Desktop Environment from what I can see. There is Sway, but that is a tiling environment, but I know little about that. So for "floating windows", all there is GNOME3, KDE and Enlightenment. DE are heavy to begin with, cwm on X is very lite on resources.
This I am not sure about, but from what I have read, all window processing (rendering) needs to be done by the "Widow manager". In X you just call functions.
Yes, that is what people keep saying, but isn't sway a Tiling Window Manager ? I do not like Tiling, if something that works exactly like cwm, then I would not be too concerned about Wayland.
So far, the only choices for Wayland seems to be GMOME3, KDE, soon XFCE, the rest are tiling like sway. I just heard about Hyprland, which is also tiling.
So seems for me and I am sure others, the selection is very limited.