The most common and most likely answer to this crossword clue is the 7 letter word SKATERS
I've seen this crossword clue in Financial Times
S
K
A
T
E
R
S
More clues leading to the result SKATERS
Buddy explains!

The straight part
We know that "Waldteufel’s waltz" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case waldteufel’s waltz = skaters.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SKATERS mean?
SKATERS noun- A person who skates.
- A member of skateboarding subculture, characterized by dingy and baggy clothes, and often wallet chains.
- A player who is not a goaltender.
- Any of numerous hemipterous insects in the family Gerridae, which run rapidly over the surface of the water, as if skating.