Fred,
I think you’re right, the wax really isn’t needed but after a day of shooting with my typically black powder grimy hands, the waxing does a nice job of cleaning all the surfaces of the barrel, stock, and bright work. The rifle (or pistol) just looks nice and clean .... and with a nice sheen when I put it away. Sort of like waxing a car... not really a requirement but makes you feel like you’re doing a good job caring for a prized possession. 😉