...it's some kinda miracle polymer chemical contraption, and I'm not a chemist.
It seems to work well for me, and because of the difficulty of waxing a bike with all the
components, wheels, racks, cable clips, etc, installed on it versus a bare frame, I choose
to use it when a frame is stripped and ready for reassembly.
I use it. I'm not selling it. It works well in my conditions. YMMV
The paste wax, if anything, cuts down on the shine a little bit, but is simply an easily added layer of additional protection.