"wax" is a term people are familiar with. You don't have enough space on the bottle to educate the average consumer about the difference between sealants and waxes, so they just call it a wax. It does do a good job too, so you made a good choice. Durability isn't out of this world or anything, but it is better than your traditional carnauba wax for sure.
Ultima Tire and Trim guard is something I haven't tried yet. I always say that if you have something that works for you then there is no reason to change. The important thing is to keep the surfaces protected, so I don't care if applesauce ends up being the best product for the job.
If it works then I'll use it.