Depends on what you want to do. An actuated valve just switches flow from one pipe to the other, the wave box actually creates wave movement (back and fore) of the whole aquarium water.
Note that a wave box may need an aquarium designed to it. Oerflow might need to be shorter as to leave more space beteen the surface and the top of the aquarium, also the aquarium has to be stronger to take the cycling loads created by the wave.
On teh other hand an actuated valv or a OM-4 or any other switching device require more piping and better pump selection.