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Talks endlessly about our eastern neighbour hosting party (7)

Ross

I believe the answer is:

waffles

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'talks endlessly about our eastern' is the definition.
I can't tell whether this definition defines the answer.

'neighbour hosting party' is the wordplay.
'neighbour' becomes 'wales' (I can't explain this - if you can you should believe this answer much more).
'hosting' is an insertion indicator (inserted letters are welcomed in or hosted).
'party' becomes 'ff' (I've seen this in other clues).
'wales' placed around 'ff' is 'WAFFLES'.

Can you help me to learn more?

(Other definitions for waffles that I've seen before include "doesn't avoid 27 [VERBIAGE]" , "Cakes" , "Talks imprecisely" , "Talks vaguely" .)

I've seen this clue in The Irish Times.
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