Yes, and some people do get big scholarships when accepted off the waitlist, but you only have leverage if after all the effort of waiting to get in, you are willing to say no if the price is too high and go with another option or wait a cycle.
Agreeing with @FixedDice, and I'd make a list of questions to ask Admissions about scholarships. I'd also want data on how the 1L classes in the past 2 years have done.