If you could get a hermetic seal with the wax, and we're positive that no pollutants were on the surface of the parts
when it was applied then you are likely correct, though there are some concerns with intergranular corrosion
that could still occur. The problem is if there is any salt
left in the area the wax is applied to, or if it could work it's way in there as the part flexes due to moving. Then you have created a perfect environment
for stress-corrosion cracking, which then leads to crevice corrosion
Like I said this is a very complicated subject, and I am not a metallurgist, so while I have studied it, I am not an expert.
The general recomendations though are to keep all steel
(all alloys) clean, dry, and in evironments where there is plenty of free oxygen. So if you have wells that are prone to holding water
or other contaminates it is much better to redesign the part than to apply grease to the area.
This is exacally why coated wire lifelines
have been prohibited from all safety
standards on sailboats for years. The coating does help to prohibit corrosion under perfect circumstances, but few circumstances on boats are or remain perfect for long.
Of coure there is also the option to switch to metals that do not corrode in the first place.