Is the name "Wael" Islamically permissible, what is its meaning, and did it exist in the Islamic era?

The name Wael is a famous and suitable name, both religiously and naturally. Some Companions were named Wael, such as Wael ibn Hujr al-Hadrami. It is believed to be derived from "wa'ala," meaning to return, so "al-maw'il" is the place of return and refuge.