Sounds like you have a maturing nest. Wasp nests grow exponentially and just before they produce their sexual progeny is when they get frantic trying to bring in as much insect prey as possible to feed to sexual brood. They will be clearing away literally tonnes of insect pests from the surrounding area. They won't be interested in your hives during this hunting phase so if you can cope, leave the nest for a few days (possible a couple of weeks) and then treat if you have to. That way the sexual progeny will disperse and the activity around the nest will quickly dissipate. It doesn't mean that the workers die off just that they go off and start sweet feeding. That'll be when you'll need to be on your guard to protect your hives.
If you do have a maturing wasp nest which is in the hunting phase and you get it 'bumped off' then there is a danger of creating a bigger rebound nuisance wasp problem. If the nest is treated during the day it is likely that the sentries in the nest will be killed off which will lead to returning foragers not re-entering their nest as it is the sentries that give grant of access. The problem is that the foragers at this time of year are fed by their grubs who convert the chitin from digested insects into sugar which they re-feed back to the foragers (trophallaxis). If the foragers are denied access rights to the nest because of the absence of sentries they are also denied their source of sweet food which will result in them looking for alternative sugar sources including your hives - so not a good idea.
By waiting until the wasp nest becomes quiet, i.e. the wasps are already sweet feeding, you can then safely treat the nest without increasing the risk of rebound nuisance wasps. If you do have to treat the nest whilst it's still in the hunting phase then do so whilst all the foragers are resident, i.e. at night or at the crack of dawn (which is better). Just be aware that doing so has an ecological cost because it will impact on wasp populations next year and wasps on the whole are very beneficial insects.