Have not used it. However, I have tested wax on my clearcoated machined alloy wheels just this year and it won't last very long. I'm talking 1-2 weeks at most.
Luckily both Meguiars and I think Armor All have come out with over the counter wheel spray coatings that are FAR better than wax. It's been at least 3-4 months and I feel no need to re-spray the Meguiar's Break Dust Barrier.
By the way, the most difficult part for me is identifying what my wheels surface is. For the longest time, I thought they were straight machined alloy and required metal polish. They are clearcoated. Most wheels tend to be painted/clearcoat so treat it like paint.
Best of luck.
Totally anecdotal evidence, I used to use this on my Chevy truck's wheels. They started to craze and yellow.
Again, totally anecdotal, may be irrelevant.
I used the pink poor boys wax on other wheels and personally like it better.
But take it for what you paid for this advice.
I've heard good things about rejex on wheels.
Some tips... like paint/clearcoat you'll get longest durability if you prep beforehand. If you have any old clay, use that on the wheel. If you have clayed before, then more likely you'll also have polish. Use that after the clay.
Then grab some plastic grocery bags and use those to cover your break/caliper. Even though that part is not in the Meguiar's instructions, I only do that so that I don't have one less thing to worry about when spraying. I tossed on 3 very light coats.
If you screw up the Break Dust Barrier, apparently it comes right off using just rubbing alcohol. I have used it on polish bare aluminum wheels. I didn't like it. Perhaps my coat was too thick, but what impressed me was the coat survived different wheel cleaner and degreasers. The only way I got it completely off the aluminum wheel was to use a polish. I didn't try rubbing alcohol on it. I didn't know that was it's kryptonite at the time.
Nothing beats Opti-Coat 2.0 or Opti-Coat Pro for wheels. Wheels clean up ridiculously easily and it lasts for years.
As an alternative, CarPro Hydr02 lasts a decent amount of time on wheels and is very quick and easy to apply.
Well, I can't find any of the products mentioned locally, so I'm going to clay the wheels and then use Duragloss 601 & 105 for now. That combo lasts a long time on the rest of the car, we'll see how long it lasts on wheels.
I use Turtle Wax Ice Spray Wax. Easy to put on and take off. Wheels look great after application. Did my wife's Frontier wheels three weeks ago. She just got back from a trip to Florida. I washed and detailed her truck today and there was very little buildup on the wheels. I was actually surprised by the lack of dirt and grime after a three week span.