While mineral oil doesn't cure it doesn't just sit on the surface. It absolutely does get absorbed into the wood beneath the surface.I apologize for giving you my bias, but it's pretty strongly held. Since mineral oil doesn't cure, it sits on the surface and gives the wood a slippery, oily feel, in my hands. As noted, it also just makes the wood look nice, for the short time it holds up. Beeswax is soft and doesn't hold up, either. Using the mix is a really fast way to get a good look on the wood and get it in the hands of a customer, but the good look is very temporary. Unless you're a production turner, I recommend taking the time necessary to get a more durable finish.
Unless I misunderstood your meaning.