Is this sentence simile or hyperbole?
The waves rose as high as Mt. Everest?
I’d say both, but I am far from an expert. The emphasis seems to lie on the hyperbole, because the simile is no further developed than simply mentioning the likeness (“as Mt. Everest”), wheras the hyperbole appears to be clear and complete. A true simile would IMHO be like “the waves rose with their white foam like Mount Everest thrusts its snow-capped peaks through the clouds”.
Yes, exaggeration is what I felt when I read the sentence.
(I am, too, not an expert but I could feel ;))