If you beleive the printed information that comes with Renaissance Wax, any yellowing wood or floor wax (like J & J) is subject to oxidation. If the wax itself can oxidize, the metal underneath can oxidize.
For short term use, I think J&J or any similar product is probably fine. But for longer storage, a highly refined product which is a non oxidizing, highly purified crystalline wax makes sense. Ren Wax only seems expensive. A 200 ml tin (about $20 USD) will last for years. Very little is needed to coat the blade, and the can seals very well. It works really well on wood too. But use it only on finished woods, or it really will cost a bundle to use. Ren Wax is designed to leave a thin, clear protective barrier. It should not be used in applications where the material will soak up a lot of the 'stuff'.
I do think J&J floor wax is probably better than nothing. It is just that there are better products available for protecting metal from air. Maybe we can get Cliff Stamp to do a comparison test
My Delta Scroll saw recommended the Johnson's Paste Wax for coating the cast iron table.
Of course the wax does wear off occasionaly and has to be recoated, but I have had good luck with it.
I use it on wood all the time and have used it on blades, but not for long term storage use. The blades like the saw table lose the wax from use.