I think the general term waveguide is used to describe making choices in the geometry of the surface into which a driver is mounted. From that perspective, there is a design to the M-series tweeter's surrounding surface. And it's very different from that of the S-series or A-series design. Same for the mid-range and woofer in the different series speakers.
I could speculate on why Magico chose to make some of those changes, but I'd probably be mistaken as the overall situation involves the choice of drivers plus the enclosure and crossover design. What I can say is that based on my own measurements, the design goal of the M2's tweeter seems to be different when compared to the S5 MkII or S3 MkII, in terms of on-axis and off-axis frequency response.