I tried to calculate drag for hyper velocity project using this paper for Sears Haack revolution body. Some parameters:
Diameter: 160mm (round number for simulating 155mm projectile)
Fineness ratio: 13.2, which means projectile's length is 2112mm
From the paper, the assumed wing area $S$ is
$$0.077 \cdot l^2 = 0.077 \cdot (2.112)^2 = 0.3435 \ [m^2]$$
From the Figure 15 in the paper, the total Cd at 2km/s is about 0.004
So total drag at sea level $$D = 0.5 \cdot v^2 \cdot \rho \cdot S \cdot C_D$$
$$D = 0.5 \cdot 2000^2 \cdot 1.23 \cdot 0.3435 \cdot 0.004 = 3380 \ [N]$$
From the paper, the volume $V$ of the projectile is
$$V = 0.002655 \cdot l^3 = 0.025 \ [m^3]$$ Assume it is filled with aluminum, then the mass $m$ is about $$ 0.025 \cdot 3000 = 75 \ [kg]$$
So the drag is about 4.5g.
On the other hand, there is an empirical formula for hypersonic lift to drag ratio is:
$$\frac{L}{D} = \frac{4 \cdot (M + 3)}{M} = \frac{4 \cdot (6 + 3)}{6} = 6$$
It seems that if the projectile is shaped as a good waverider then drag can be as low as 1/6 of its weight, assuming the waverider is the best shape for hypersonic lift to drag ratio.
There is of course the problem about scaling where mass is increased at cubed speed, while area only increases at squared speed. While I don't have an complete computational model of waverider to compare directly with SH body, but it seems at the first glance, the waverider can get much lower drag than even the most aerodynamic shape, 1/6g vs 4.5g.
So is it true that the waverider has much lower drag than a SH body?