John,
Spot on with your observations.
Originally beeswax was used, then carnuaba, and now the wax is left out completely.
The wax does (did) give a softer finish and added the satin like lustre in appearance, but I do know that many customers demanded a harder, impervious to knocks finish, something akin to varnish.
Note to all:- If you apply slacum a little but often you will build up a fabulous high gloss piano type finish.
The secret is applying a very small amount and spreading it out and rubbing it into the wood.An oil finish should be in the wood, not on it.