I use both RenWax and camellia oil and recommend both.
However the specific item I'm trying to protect will determine which I use.
If a blade and/or handle material is smooth and one I will handle often then I will use RenWax. If the handle is rough (stag/bark ivory for example) then I use camellia oil to guard against build up of the RenWax in areas where I can't buff it as well. RenWax recommends you apply it sparingly then buff it lightly as the residue is what you want to remain not dried wax. And it does dry quickly.
I also feel more comfortable using camellia oil on items that I feel are more susceptible to problems as I can see that protection where if used correctly you can't see the RenWax protection. I know when the piece needs a new application of oil however don't when or if it needs another application of Ren. I like the sheen and look both protectants provide.
Another thing I've found is that on most damascus steels RenWax will leave a very pleasing luster, however I have found on a couple pieces that it will leave a hazy look or film. I don't know why this is. Perhaps it's the specific steel make-up? So I would recommend testing a small area of your damascus blades before using RenWax on them the first time.
I have heard some say that cameilla oil is just over priced mineral oil. I have not found this to be true. As cameilla oil doesn't evaporate as fast, doesn't attract dust/dirt as bad and imo leaves a more pleasing sheen.
Hope this helps.
Edited to add; Use both very sparingly as a very little goes a long way. I will place one drop of cameilla oil on each side of a 7"-9" blade and then spread if evenly with my finger (be careful) over the entire blade. On a hunter or folder blade I will still use one drop however be removing most of it as I spread it evenly.