tinfinger,
The wax will come off when the gun is fired. I would think that any oil would also have an effect on it. I apply the wax as the final step in the cleaning process and I don't use oil on the exterior of my guns.
My "always" gun is the "beast", a Smith 340SC, which I carry daily, usually in a pocket holster. I even cover it with a coat of wax. Since Renaissance Wax is colorless, I can't tell if it wears off or not. Waxing a Sc/Ti is probably a waste of time but habits are hard to break.
Shooting a waxed gun does provide some interesting smoke patterns and it doesn't smell bad.
I chose to use Renaissance after reading an article about it in the Rifleman. If you do use wax, just make sure it has no abrasives in it. My nickle Model 27 gleams like a mirror after a coating of the wax. My blued guns also shine very nicely and I don't ever see any rust,
John