I've managed to make Waydroid (18.1) working on the device.

For now it only can be installed with some manual work (I recommend to copy/paste commands in a terminal from PC via ssh, rather than using Fingerterm).
Here is the instruction to follow.

1, Upgrade Sailfish Os configs and kernel for Waydroid support:
2. Install Waydroid and required packages
(Be able to install all of these you'll need Chum repo added and this command will install many other required packages. For getting Chum repo please see first step of this post.)

3. Mask dnsmasq service
4. Initialize Waydroid
(This will download and extract latest 18.1 system and vendor images, be patient)

5. Download, rename and replace vendor.img
Download this file: vendor.img for 18.1
Once you downloaded, extract it and as root move it into /home/waydroid/images/
(Overwrite the vendor.img in there. This step is required for be able to use the device graphics drivers and camera within Waydroid)

6. Amend some configurations

6.1. Add real graphics drivers. In /home/waydroid/waydroid_base.prop, add these two lines
6.2. Turn off lxc.apparmor.profile in /home/waydroid/lxc/waydroid/config:
comment out this line:
7. Reboot and then go into Settings / Waydroid. Tap on the "Start daemon" button. Wait for a few secs and if it becomes and stays greyed out, then from app grid, tap on the Waydroid icon.
(In here Settings / Waydroid, you can turn on the "Start Waydroid session on bootup" option. This way, after each boot, you only need to tap on the Waydroid icon and it should start.
After boot, shortly after Lipstick is started, my device briefly vibrates which means Waydroid has completed to start.
If you tap on Waydroid icon before the vibration you'll see Waydroid boot animation, otherwise you'll get the homescreen straight away.

Good luck and let me know if you bump into problems and/or has any questions.