Bees wax is one of the great substances in the world and has tons of uses from a component of mustache wax to the best part of wild honey.
I suppose it could be used for polishing pipes... but... it does tend to collect dirt and dust, and can cause more problems than it solves where polishing is concerned. Once it gets dirty it can look rather... unsightly.
There is one pipe application that it serves very nicely for...
If you have a loose stem, bees wax can be used as a temporary solution for making the stem not so loose... until it gets warm that is, until more permanent action can be taken.