I think the best and most convenient way to use beeswax as a finish is to mix it back while warm with turpentine until it's soft like shoe polish. I wipe it on, or use a toothbrush if there's carving, usually only onto a plain oil substrate finish, then rub it in with a cloth. I have used a hair dryer on a low setting to warm the stock and I've sat it on the warming shelf of the cook stove in the kitchen, but I've also just used it like floor wax...wax on...wax off...to give a great finish. Putting it on while melted is a mess and if you get the stock too warm you cook as much finish out of the surface as you put in. It's a thin finish that will need to be maintained regularly, so think about it like you would shoe polish. After years, I'm sure the wax really gets in there but the concept of a thick, deep penetrating finish is not borne out by reality I don't think.
Wood doesn't need to be embalmed, it just needs a raincoat.