wiggle room vs flexibility

wiggle room and flexibility both are nouns.

Word	Noun	Adjective	Verb	Adverb
wiggle room	Yes	No	No	No
flexibility	Yes	No	No	No

As nouns, flexibility is a hypernym of wiggle room; that is, flexibility is a word with a broader meaning than wiggle room:

Other hypernyms of wiggle room include flexibleness.

wiggle room (noun)	flexibility (noun)
flexibility of interpretation or of options	the quality of being adaptable or variable
	the property of being flexible; easily bent or shaped
	the trait of being easily persuaded