RenWax is conservation stuff, it doesn't stand up well to actual field use. If I have it correctly it's what's termed a microcrystalline wax, meaning it will fill the pores in the steel better than a conventional wax.
I use it for guns in storage, it resists my grubby little fingerprints when I sit around fondling them late at night, don't have to be so vigilant about wiping down or wearing cotton gloves.
I also like to use it to coat surfaces under the wood line after tearing down a gun.Doesn't stain like oil.
Not at all good for weather though, use paste wax.