Waxes - EEE Wax, Shellawax and other waxes - and CA (along with other hard finishes such as lacquer, polys, acrylic finishes) are totally different and each category has different purposes.
One is not better than the other in and of itself, it depends on what the purpose and desired outcome one wants.
Waxes are temporary and are not for long term protection. Fine furniture needs polishing on a regular or consistent basis as the waxes evaporate. The protection it offers is temporary. If applied regularly, it works. Same for pens, except that pens are handled far more than fine furniture, are put in humid pockets, or hot cars in the summer, or handled with caustic sweat from hands, or exposed to changing elements far more than fine furniture.
IF this is understood and allowed for, Waxes will work and Waxes allow for the luster of the wood itself to present itself.
On the other hand, CA, Lacquers, polys, Acrylics and others put up a much better long term barrier to those elements mentioned above. And a deep shine on the finish is desired by more people than the flater finish of waxes.
It is a personal choice. Both hard finishes and waxes have their positive and negative characteristics. In watching this forum for several years, the vast majority of pen BUYERS prefer Shiny over flat. Still there are those who feel that wood should be presented in its natural state with wax finishes.
One thing I personally don't like about EEE is that it will produce a very nice shine that will wear off in a few hours to a few days. I learned early on that it hurt my reputation to to hand a shiny waxed pen only to see spots of shiny and dull appear, and then it lost all of its bright "shine". This was a negative in the people's mind and it had a bearing on their opinion of me as being able to make a good finish. It would have been better had I just rubbed and rubbed until the bright "shine" of the wax was gone.