Waxes do not protect in the long term like CA and other clear acrylic - lacquer - poly etc. does. What new pen turners who like the "real feel" of wood do not realize is that wood pens are used in a totally different way than fine waxed wood furniture is used.
Fine hand rubbed and waxed wood furniture and display items are not subjected to the temperature, humidity swings and subtle caustic acid in hangling of pens - that go from outside, in the car, in the shirt pocket to inside and air condition. They do not go through the humidity changes that occur from an air conditioned low humidity room to 90% outside to 100% in a shirt pocket. Most Fine furniture is waxed and cleaned after handling where as pens go through handling with dirty hands and shirt pocket moisture several times a day.
Hand and shirt moisture, dirt and grime are caustic to waxes. CA and the other (but not alcohol based or thinned) finishes do protect in ways that waxes do not. Alcohol based and thinned (Shellac types) are better than just waxed wood, but they still need to be much more effectively cleaned and handled. It is my observation that fountain pen aficionados have this tenacity to "clean" their pens and treat them in a way that can handle lower tolerance finishes. Your average pen user does not have this and will probably complain 6 months to a year down the road of the dirty pen that won't clean off. If you are trying to establish a name for yourself with quality pens, waxed finishes can come back to haunt you. Customers have long memories of pens that won't let go of dirt and grime.
.