wax is a highly documented material used in creating a barrier
against corrosive elements. Wax should protect your object from water
and oxygen for a certain period of time. However (there’s always one
somewhere), it depends on the objects’ use and on the method of
application. If the object was to be handled, for example, then wax
is not a good barrier - it comes off on your fingers. For a museum
piece - look, don’t touch - wax is a good solution to the tarnishing
Wax, if not applied properly, can also accelerate corrosion. If the
piece is not de-greased first (in acetone, white spirits or denatured
alcohol) then pockets of grease underneath the wax form
micro-environments that are very condusive to corrosion.
So to answer you question, wax can protect but only if it’s an object
for looking at, not for touching/wearing.