I occasionally use the same can of Rennaisance Wax I've had for 20 years or so. Mostly on knife handles, (wood, antler, etc) moreso than on blades...and never on my guns...but I no longer have blue steel.
I use it very sparingly and even then it still needs a bit of buffing after application. Not my favorite because of the additional work required. Call me lazy. It is great for bringing a shine.
By the way, a master knife smith on bladeforums recommends using neutral shoe polish (the kind in the can)...as an inexpensive and highly effective alternative.
I can't speak to the corrosion resistance of Ren Wax or Neutral Shoe Polish as I've never used them for that specific reason and have never tested.
That said, I don't get rust or corrosion on my guns or knives stored indoors...and we get lots of rain and humidity...but I'm not in a high saline environment here in the mountains.