
The race story is so long that I don't really get their feelings.. Why does Waldo and Oscar can't be together ? Without considering Lily, W and O have feelings for each other right?

Yep, it's a more realistic plot, not a simplistic one, just an authentic one full of expected emotions and experiences rather than everyone having a simplistic perfect life or death. The photographer who was involved in "M's study" also finds someone new, rather than a more cliche yaoi trope of them continuing their threesome/rivalry.
poor El he just ran into his arms