There's nothing, imo, that suggest the Dolphins would take Pitts over Waddle/Smith. Honestly, I'd be surprised if they did.
Rightly/Wrongly, they may feel with their TE rooms that position is not as much of a need compared to the recievers room.
If you think about it from that perspective then they're not wrong..You have 4 guys as your starting recievers that have questions marks staying healthy. You have Parker, Williams, Fuller, and Grant!
It's more likely than not you'll lose 4 of them at some point during the season than all 4 staying healthy.
Plus i think you run into a problem when you put both Mike and Pitts on the field together. In order to do that you’re taking out one of the better blocking TEs off the field to do that. Gesicki and Pitts practically would play that same flex, split, type of position.
It honestly takes creative on the offensive side to figureout how to maximize on that formation.