The strength of the current is a huge issue in waist deep water. Personally, I would not attempt a crossing of such deep water unless it was very slow moving, such as you'd find in a slowly meandering stream at the mostly-level bottom of a U-shaped valley. The main criteria for me is safety and a too-strong current can be a killer.

If the crossing can be made with reasonable safety from being swept off my feet by the current, I like having trekking poles to steady me as I cross. Go slow is the watchword in deep water. Your hiking partner(s) should not be crossing deep water at the same time you do. Only one at a time is best.

Since truly waist deep water would immerse the bottom of my pack, I'd most likely have all its contents stowed inside a waterproof pack liner, to keep them dry. Your sleeping bag should NEVER be put in danger of wetting out. If any of your pack is immersed it will increase the surface area exposed to the current and increase the drag you'll be fighting. Get it as high as you can out of the water.

I would most certainly wear my hiking footwear while crossing. The last thing you want to do when crossing a stream in a remote area is to land your bare foot on something sharp or jagged. Muddy bottom can hide sharp sticks or stones. Clear, but uneven and rocky, streambeds are bad enough without adding a foot injury mid-stream to your list of concerns.

I generally do remove my socks before crossing, if it will be my only stream crossing for the day. If there are multiple crossings, I just walk through.

Taking all these precautions will increase the safety of your exposure, but waist deep streams are never going to be anything but dangerous. Good luck!