In theory Waydroid could use the native DRM implementation already built into your device, if applicable of course. I don’t know if it does, but there’s no technical reason why it couldn’t. Waydroid just runs in a container, it’s not that special. I believe ChromeOS can use DRM, but I’m not sure if Windows 11 can too.
It’s possible you’ll need some kind of wrapper to translate whatever DRM API your device provides into something Android can live with. Waydroid can install some version of WideVine through Magisk and a lot of messing about, though I doubt you’ll be able to get much more than 720p out of most streaming services with something like that. You won’t be able to pass SafetyNet or any other device attestation check.
Your ability to watch DRM’d video will at most match your ability to watch that DRM’d video on Chrome (Firefox often gets treated worse for some reason).