This study aimed to compare the phenolic profiles and bioactive properties of powdered aqueous (AVOE) and methanolic (MVOE) Viburnum opulus L. fruit extracts and compare the effect of increasing concentrations of these extracts on the physicochemical, sensory, and bioactive properties of wheat waffles. The polyphenol content and bioactivity of the extracts and waffles were assessed based on their water–ethanol and phosphate-buffered saline extracts, as well as on samples after in vitro digestion. MVOE and MVOE-enriched waffles showed superior, statistically significant antioxidant and anti-inflammatory activity compared to AVOE and AVOE-enriched waffles. Functional analyses revealed that the enrichment level affected water absorption, texture, and sensory perception, with reduced acceptability at high aqueous extract levels. Overall, methanolic extract enrichment provided the best balance between functionality and bioactivity, and waffles enriched with the highest amount of MVOE were characterized by having the highest potentially bioavailable polyphenol fraction (17.47 ± 1.01 mg GAE/gDW) as well as the strongest ability to inhibit LOX and XO activity (EC50 = 8.55 ± 0.16 and 9.25 ± 0.01 mgDW/mL, respectively) with simultaneous high consumer acceptability. These results confirm the applicability of VO extracts in food formulations and potential health benefits, offering a basis for future clinical studies on VO-enriched functional foods.