We always had a dozen or more of these paper wasp condos and the occasional hornets nest all over the old two story barn on our farm when I was much younger. All the wasps living in them were extremely protective of their real estate and one learned real quick NOT TO DISTURB THEM IF YOU WANTED TO SLEEP WELL THAT NIGHT. I believe the only thing worse is a yellow jacket ... they are vicious beasts that, IMHO, deserve all the wrath of a flame thrower!
Hair spray does a good job of protecting the dried out nest IF you really want to preserve it. I might suggest that you let it dry out very well outside as these things stink to high heavens when damp.
If you collect one of these 'housing projects', put it inside a baggie and freeze it to kill any living larvae. Then be sure to open the capped cells and shake out the larvae inside ... BTW, these make fantastic bait for you fishermen. A 'freshly collected nest brought into the house will produce several hungry and nasty minded wasps in a few days if you don't kill them first. The capped over cells are the final stage prior to being 'born.'
If you are adventuresome and prone to trying other things, put several of these nests into a blender, grind them into a pulp and make your own paper ... hence the nickname - paper wasps.
One additional tidbit for trivia ... the stem - that short, dark part piece that attach's the nest to the barn rafter, etc., and the darker circle of the upper part of the nest, contains a very effective insecticide that protects the nest from being invaded by ants. Spiders seem to be no problem as the wasps will kill and eat them. Ummmmm, yummy.
Ain't Nature simply amazing!