It seems you are doing an external test.
If this is the case, then "Waiting for Review" means you haven't submit your build to the App Store Connect. For external test, your build should be reviewed and approved.
Once your app is approved, the test begins. It can last for 90 days. But you may stop the test when you wish to.
Topic:
App Store Distribution & Marketing
SubTopic:
TestFlight
Tags: