This frustrated me a few times as well. You should be able to just embed the string name into it like this:
var htmlStringFromController = "<a href="http://waze.to/?navigate=yes&ll=72.0274, 564.7814" target="_blank">Open In Waze</a>";
And then call it from there.
<div id="wazeArea" ng-init="editor.appandWazeLink(editor.siteId)">{{htmlStringFromController}}</div>
The problem here is that angular doesn't want to inject raw HTML, right? So you can use $sce to accomplish that (AngularJS : Insert HTML into view)
But the question is, could you just inject the URL into an anchor tag that already exists in the div? Like this:
// controller code:
var URLFromController = "http://waze.to/?navigate=yes&ll=72.0274, 564.7814";
And then use this in the view, only displaying it if URLFromController is truthy.
<div id="wazeArea" ng-init="editor.appandWazeLink(editor.siteId)">
<a ng-if="URLFromController" href="{{URLFromController}}" target="_blank">Open in Waze</a>
</div>