I tried it after reading about it here. I used it on Hahnemuhle PR Baryta. I applied the wax with a very soft cloth. My printer is an HP, so there is an overgloss layer, but even so, a tiny bit of colour came off, perhaps less if the print was left longer before applying.
I loved it. It gives a great depth to the print, as though it is encapsulated in the wax. Application and buffing is fairly slow, and if you get it wrong there is a danger of waxy 'blooming' on the surface. It smells too, but I kind of like that.