In simple terms;
Reading a compressed digital file from a fast storage medium, means it does not risk pausing or stuttering the music due to having to actively scan the whole file at the same time as playback.
Temporarily the player is reading 2 parts of the same file at the same time.
With an audio CD you have large full uncompressed audio on a slow device, thus risking a massive delay with processing.
I think the only sensible way to have waveforms for CDs, would be to have a way to scan the CD before playing, like the way the volume levels are done.