If you're looking for something lightweight, go for st or urxvt. These are Xorg-only.
If you want to configure it via GUI, xfce4-terminal is the middle ground for lightweight and feature-rich. If you are on KDE, konsole would suffice. You can use these on Xorg and Wayland.
If you want to work with multiple panes in a single window, terminator is your friend. Used this on Xorg but not sure about its Wayland compatibility.
If you want GPU acceleration and more features, kitty and alacritty is out there. Both should work on Xorg and Wayland.
If you want something like st but pure Wayland, foot is the best lightweight terminal emulator. My current personal favourite.
Pretty sure I'm using konsole right now, whatever it is, it came pre-installed on my distro.
Might check out foot and kitty, what I'm using is working right now, but always nice to look into different options.