It is waived the first year, but the benefits are much lower.
For example, redemption at the Chase portal is $0.0125 for the Sapphire Preferred, and $0.015 for the Reserve. So 40,000 points with the Preferred is worth $625, but 100,000 points with the Reserve is worth $1500.
You also don't get the $300 travel credit or the $100 Global Entry credit with the Preferred.