What does "overpowered" do in Time Clickers?

From a Reddit post on r/TimeClickers (emphasis mine):

Overpowered activates when your team dps is 10^7 times higher than the wave dps and has the effect of reducing the time between each wave. The higher above this threshold, the stronger the effect, up to a point. It's worth leaving your starting wave at the minimum level and leveling your starting gold significantly to boost yourself through the early levels very quickly. Additionally, you clear waves fast enough that you can build up a significant timer of active abilities before running out. I currently have overpower until around level 250 which leaves me with close to 10 minutes of ability time.