You can cannot set as a waypoint, but you can click on a beacon to craft a location marker when you get lost. Then you can set a waypoint from that location. After you reach it you can remove it from your location list. You would only need 1 saved location space free to be able to do this as you can redo it anytime you are lost.
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Craft and hold the beacon plotter tool- this will let you see beacon boundaries on your screen. Your own beacons are outlined in white.
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That may be difficult now, as the Beacon Plotter tool has been moved to being a Crafting Table only recipe… which needs to be in a beacon … catch 22
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That’s a good point… hmmm…
Or a campfire … so more like catch 11.
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