I believe that when you sign off to "wave your right" to viewing the LOR's means that you've basically didn't read the LOR before your professor/pharmacist/friend sent it off to the university.
LOR's are basically on the honor system. If you didn't read any of the LOR's before they were mailed to the pharmacy program, then you basically "waved" your right to view them (the underline meaning that you didn't read them so that you could cherry-pick which sounds the best prior to sending). Now if you did read all of your LOR's prior to them being sent over to the program, then that's something else.
Because your professor/mentor/coworker/boss could always ask you whether you want to read it beforehand.
Ex.) If they type it out using Microsoft Word prior hand and send you an email with an attachment showing you what they typed.
Ex.) If they send what they're going to put on the form in an email to you.
Ex.) If they allow you to be next to them while they're filling out the LOR online directly (it isn't a long form).
There are a lot of ways in which you can see your LOR. I know of some people who basically asked to see their LOR before it is sent (so they can cherry-pick the best sounding ones). I've been asked to fill out LOR's before.