I am a newbie in web deployment and I have a flask application which is being hosted at 0.0.0.0:5070. Now I want to do the reverse proxy and be able to direct a certain hostname (bound to server IP) to this port. I have tried the Waitress documentation but seems to be of no help. Any guidance in this will be highly appreciated. Thanks.
Basically, what @Debendra mentioned is correct. For production workload, it is recommended to use uwsgi as your application server.
From there, you'll need to use a web server to act as your reverse proxy. Please refer the following documents:
How To Serve Flask Applications with uWSGI and Nginx on Ubuntu 18.04
Read the above to become familiar with the components and submit another question if you want a follow up.