Right now you don't have any actions in the waterfall, so there is nothing to run. Rather than using a custom waterfall, you can add an enrichment and search for "find email" and there are various prebuilt ones. You can always remove some providers.
Waterfalls are typically used when you want to use multiple data providers to conditionally find the same data point, depending on whether the provider before found the data or not.
e.g., you want to find someone's email. You could add Findymail and Lead Magic to the waterfall. If Findymail finds a valid email, the lead magic column won't run to conserve credits, because you already have the data you need. If findymail doesn't find the data for that row, the waterfall moves onto step 2 which in this case is lead magic, and that column will run to try and return the data.
Does that make sense?
Typically you would use a waterfall to find an email or another data point (could be anything - hence custom waterfalls), and then once you have a list of valid emails you can use AI columns or the draft messaging feature to write the copy.
On formulas:
Right now, your formula is just telling Clay to output "Hey FirstName," for every single row
Formulas in enrichment columns are usually used to run the column conditionally, i.e. "only run if /company_domain is not blank"
You can add formulas to text/url/email columns after the enrichment has run to manipulate the data like you're trying to do in your formula here
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