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Days and hours are exact. Wait 2 days means (48 hours from the minute they triggered the wait step). "Must end on" = is the time the wait step will finish and move to the next step. So if it finished at 3pm on Wednesday, the person would be held in that spot until 10am on Thursday.
A person triggers a smart campaign on Friday at 5pm. The wait step is advanced: 48 hours and must end on Mon-Fri at 9am.
The result would be that the person would continue in the flow on Monday, 9am. This is the first M-F date after 48 hours.
I read the documentation, but I didn't quite understand this after reading the article. Thank you for your explanation.