Yes, You can - though I have not worked with waypoints in this fashion. And another approach resembling waypoints that You may wish to investigate is “intersectionObserver”.
So with “waypoints” (“Enter/Exit Viewport” in Hype’s “Action Inspector”) You could simply assign the Actions “Play/Stop Sound…” to the triggering element.
Why I have not used this set-up is the lack of fine control. For example: If the user has a large screen, adjusting the window size downward can trigger the “Enter Viewport” action if the element comes into view - causing this newly visible element to start playing. Now the user is (accidentally) controlling the interaction not You.
Using the waypoints/viewport scenario might fine for Your needs though.