I have used the zigzag option under distort on a line to make a wavy line like this:
But the path is still a straight line.
How can I get around this, as the end goal is to make some text follow it.
After applying the Effect, chose Object > Expand Appearance
and the effect will be "baked In" making the path actually look like the effect. You can then use the Type On A Path feature to add text.