waf.bbclass fails to catch exception and dumps a trace instead of any useful error messages about missing waf:

ERROR: libtalloc-2.1.10-r0 do_configure: Error executing a python function in exec_python_func() autogenerated:

The stack trace of python calls that resulted in this exception/failure was:
File: 'exec_python_func() autogenerated', lineno: 2, function: <module>
     0001:
 *** 0002:waf_preconfigure(d)
     0003:
File: '/OE/master/sources/oe-core/meta/classes/waf.bbclass', lineno: 34, function: waf_preconfigure
     0030:    from distutils.version import StrictVersion
     0031:    subsrcdir = d.getVar('S')
     0032:    wafbin = os.path.join(subsrcdir, 'waf')
     0033:    try:
 *** 0034:        result = subprocess.check_output([wafbin, '--version'], cwd=subsrcdir, stderr=subprocess.STDOUT)
     0035:        version = result.decode('utf-8').split()[1]
     0036:        if StrictVersion(version) >= StrictVersion("1.8.7"):
     0037:            d.setVar("WAF_EXTRA_CONF", "--bindir=${bindir} --libdir=${libdir}")
     0038:    except subprocess.CalledProcessError as e:
File: '/usr/lib/python3.5/subprocess.py', lineno: 626, function: check_output
     0622:        # empty string. That is maintained here for backwards compatibility.
     0623:        kwargs['input'] = '' if kwargs.get('universal_newlines', False) else b''
     0624:
     0625:    return run(*popenargs, stdout=PIPE, timeout=timeout, check=True,
 *** 0626:               **kwargs).stdout
     0627:
     0628:
     0629:class CompletedProcess(object):
     0630:    """A process that has finished running.
File: '/usr/lib/python3.5/subprocess.py', lineno: 693, function: run
     0689:        if 'stdin' in kwargs:
     0690:            raise ValueError('stdin and input arguments may not both be used.')
     0691:        kwargs['stdin'] = PIPE
     0692:
 *** 0693:    with Popen(*popenargs, **kwargs) as process:
     0694:        try:
     0695:            stdout, stderr = process.communicate(input, timeout=timeout)
     0696:        except TimeoutExpired:
     0697:            process.kill()
File: '/usr/lib/python3.5/subprocess.py', lineno: 947, function: __init__
     0943:                                startupinfo, creationflags, shell,
     0944:                                p2cread, p2cwrite,
     0945:                                c2pread, c2pwrite,
     0946:                                errread, errwrite,
 *** 0947:                                restore_signals, start_new_session)
     0948:        except:
     0949:            # Cleanup if the child failed starting.
     0950:            for f in filter(None, (self.stdin, self.stdout, self.stderr)):
     0951:                try:
File: '/usr/lib/python3.5/subprocess.py', lineno: 1551, function: _execute_child
     1547:                                # The error must be from chdir(cwd).
     1548:                                err_msg += ': ' + repr(cwd)
     1549:                            else:
     1550:                                err_msg += ': ' + repr(orig_executable)
 *** 1551:                    raise child_exception_type(errno_num, err_msg)
     1552:                raise child_exception_type(err_msg)
     1553:
     1554:
     1555:        def _handle_exitstatus(self, sts, _WIFSIGNALED=os.WIFSIGNALED,
Exception: FileNotFoundError: [Errno 2] No such file or directory: '/OE/master/build/tmp-glibc/work/armv7ahf-neon-oe-linux-gnueabi/libtalloc/2.1.10-r0/talloc-2.1.10/waf'

ERROR: libtalloc-2.1.10-r0 do_configure: Function failed: waf_preconfigure
ERROR: Logfile of failure stored in: /OE/master/build/tmp-glibc/work/armv7ahf-neon-oe-linux-gnueabi/libtalloc/2.1.10-r0/temp/log.do_configure.3748
ERROR: Task (/OE/master/sources/meta-openembedded/meta-networking/recipes-support/libtalloc/libtalloc_2.1.10.bb:do_configure) failed with exit code '1'