Huh, never heard of that one. Here's the MSDS, looks like it may be between 12-40% solvents and propellants, and not stating anything else, so probably 60-88% beeswax.
I bet it should work fine, but you'll be putting wax aerosols in the air of your shop to settle everywhere, and also get drawn into air filters and dust collection systems. Maybe spray it directly on the rag, shorts spray bursts with the nozzle an inch from the rag surrounding it.