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Wax is a description of the solid, and is a name for many many things, so its really good to not conflate different waxes. For instance hot paraffin on sensitive body part can be really exciting in an intimate romantic setting. Hot beeswax can cause third degree burns.

Cerumin or earwax is completely different stuff, and probably not good for anything but the ears.

There are some processed beeswax balms out there (Bert's Bees was bought out by Clorox, so they may have updated their product for industrial efficiency, but there are still indie products for lip and skin care. Use in moderation unless you know you have a condition and are treating it. Too much lip balm will acclimate your lips to overbalming.