I know that glazes usually offer little to no protection and wax does.

But what is it that gives glaze it's name? Is it a certain mixture of chemicals or what?

I'm not really being too specific in my question, but it's hard to ask; explain.

 

Waxes won't fill like a glaze does. A glaze, to try and put it as simple as I can, is a gloss enhancer. It's main purpose is to add gloss to paint and some glazes do that with a lot of oils that also fill in scratches and swirls.

But then you have those glazes that can swing both way where they are border line sealants or polishes too.