From Wazeopedia



Searching on ##@rawgps will display first Raw GPS is ON and add a yellow arrow on your app screen: the location of the raw unprocessed GPS signal as your phone provides it. Searching again on ##@rawgps will deactivate rawgps. The text Raw GPS is OFF is displayed and the yellow pointer of rawgps is removed again

The yellow arrow displays the location your device's GPS has determined, i.e. your current GPS location.
The blue arrow displays the position where Waze has fixed your GPS position on the Waze map.