Do you think the bees’ wax is a good way to go?

Yes it is, it adds no coating like Poly. It prevents moisture, not liquid water (liquid to an extent) but moisture from dry rotting the grain and pulp. It leaves no residual shine or sheen either.

When a drum is new, the wood has many years to go before needing attention from the factory, but a 40, 50, 60 year old drum shell looses pulp and gains acoustic value, beeswax does not fill in that pulp space like poly or varnishes will. Stay away from poly and varnishes, they add material and kill acoustic values that take years to happen. A white candle rubbed around the edges will help with protection and prevent the head from skipping as you tighten it. You want the head to slide evenly all around the perimeter.

I also advocate using liquid auto chrome products to protect your hardware. Paste and creams build up in corners or other areas and are hard to polish out. If you have only paste or creams, put it on the rag and rub it into it first, not the drum. Dirt hold moisture. I've seen pitting and rust in areas only that had build up removed.Those can be prevented.