The good thing about Renaissance wax is that it can be built up in very thin layers and buffed until it's no longer sticky to the touch/attracting dust etc. It works great on exposed metal parts (barrel/action/bottom metal) - water will just bead up and roll off. A bit like the hydrophobic coatings on some scope or binocular lenses. Or DWR coatings on rain jackets.
Oil and grease, on the other hand, are debris magnets and can get quite messy in warmer weather.
As far as protecting wood goes...it's not a good idea to use renaissance wax (or any other kind of wax) on top of a hand-rubbed oil finish. If there are any partially unfilled pores, the wax will clog them up and be hard to remove. Furthermore, a layer of wax will prevent any subsequent layers of oil from soaking into the stock. I learned that the hard way...
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