With your illustration, I would call that a bend in the road. If there's more curves than that, it would be considered curvy. If it's a road that is just completely full of unequal curves/bends, it could be considered winding.
I've seen roads with straight sections, curvy sections, and winding sections, so a road doesn't have to stay one way or another.
IMO, wavy would tend to mean that the road goes up and down. This can be something with a series of hills or dips/rises in the road, or it could be a defect in the road.
The picture on the left is a gravel road that is damaged by the amount of traffic stopping repetitively at that spot. I used to live in the country, and almost every intersection that had a stop sign was like this for 20-50 feet before approaching the stop sign. IDK how it happens, something to do with how brakes work (even before anti-lock brakes), but it does. As Carl mentioned in the comments below, this is called "washboarding". This is what I think of when you mention a wavy road.
The picture on the right is of a road that has a bunch of depressions and rises.