I think reeds should be diggable and plantable like most other plants. I like reeds a lot, but I'm starting to realize that beyond Wickerbottom's books and some essential stuff like a bird cage I rarely end up needing them. A lot of the recipes are incredibly niche and I don't even need them in large amount unless it's the dart recipes... which are challenging enough already because of the feather cost. I never make wax paper since I personally get all the wax paper I need from Klaus each year, but even if I made it, it would just be a one time cost, similar to the bird cage.
The main use for them is really just Wickerbottom's books like I mentioned and it's the reason I don't play long term worlds unless I have a reed trap, which is a very rare set piece (a lot of other players I know also feel similarly about the reed trap requirement). I like all of her books but I find that because of the cost of making a book and the versatility of it, the only book that's ever valued is applied horticulture. The other books can have some nice uses, but I really don't use them unless I have a reed trap. Applied horticulture already feeds itself by being able to regrow reeds.
Overall, I don't think reeds are generally valuable, so I wish there was easier access to the resource. I would find myself using some recipes like the night armor or honey poultice more often. If they were made to be diggable and plantable, they could require fertilizer a lot more often compared to the other plants, since being away from their biome would make it difficult for them to grow. I also would love to be able to decorate the world with them here and there, I always liked how they look!