Id never wave another vehicle by like that, its not something as a driver Id appreciate really as its down to me to decide when its safe to overtake, as a cyclist I might pull over if its safe to do so if theyre being clearly incompetent and struggling to work it out for themselves, as Id far rather have them being incompetent in front of me, than behind me.
But it might happen 1 in 10 rides, I get close passed far more often, and spend more of my time trying to prevent drivers doing stupid passes than encouraging them past