Absolutely, OL. Bowstrings need to be twisted to round off and be made aerodynamic. After spinning an endless string, it must have some twists added to round off for aerodynamics - but not for strength, particularly with modern fibers which can easily exceed 100# tensile strength per strand. Same goes for the number of strands - while some small diameter modern fibers can have as few as 6 strands for a "hot rod" speed performance bowstring, that string will lack lots in stability. Which is something that the string wax provides - stability in that it holds the strands together, making for a more durable string (and if lots of wax is used, upping the string's physical weight, a slower performing bowstring).
IMHO, the "spring" factor in a bowstring (stretch and creep) is an instability factor that messes with a bow's brace height and nock point location, and that affects shot to shot consistency. So, the more inherent stretch and creep in a bowstring, the less consistent it becomes, and a reason to consider modern HMPE fibers (Dyneema, Vectran, etc). IMHO. YMMV.