No, the wave theory of light is not based on the idea of an ether composed of matter. The wave theory of light, also known as the electromagnetic wave theory, describes light as an electromagnetic wave that propagates through space. According to this theory, light is composed of oscillating electric and magnetic fields that are perpendicular to each other and to the direction of wave propagation.
In the past, scientists proposed the existence of an "ether" as a medium through which light waves were thought to propagate. The ether was believed to be a substance filling all of space, and it was hypothesized to be necessary for the transmission of light waves. However, experiments conducted in the late 19th and early 20th centuries, such as the Michelson-Morley experiment, failed to detect the presence of the ether.
These experimental results, along with the development of Albert Einstein's theory of relativity, led to the abandonment of the concept of the ether as a material substance. Instead, the wave theory of light was reformulated in terms of electromagnetic fields and their interactions. According to this modern understanding, light can propagate through a vacuum, as well as through various transparent mediums, without the need for a physical substance like the ether.