We all wax our bow strings, right?? How many folks wax your boot laces...??
I've used Bee's wax on my bow strings for years. 40 some years ago, my uncle borrowed my Bee's wax, to wax the laces of his LL Bean Maine hunting shoes. It waterproofs them, and keeps them from becoming a frozen knot, in the cold weather. It also holds the strands together after being "frayed" from walking through briars.
Overall, just prolonging the life of your boot laces. I've been doing it ever since!!