Cut or Maintain?

Just curious which direction I should take with my current training. Long story short, I spent the last year casually training but have recently gotten serious again, thanks to joining a gym that allows for proper squatting/pulling.

I’m 36
6’0
186lbs
35.5 inch waist

Current maxes are:
Bench ~250 (down from 270 in 2018)
Squat Low 300s (haven’t tested, down from 355 in 2018)
Deadlift few singles at 405 so 410-420? (down from 465 in 2018)
Press: 185 (down from 195 in 2018)

So I still have lots of previous ground to regain, particularly on my lower body. Even though I’m pretty light for my height, my waist seems a bit high and I’m hesitant to gain any more weight. Would it be best to maintain, drive up my lifts and hope my waist decreases? Or train hard while losing a bit of weight?

Thanks.

I’d cut until your waist is <33’, though this might not require a calorie deficit to do if you’re just getting back into training.