From what I understand...
What most people attribute to a film surface protection being functional is the visual indicator of water beading on the paint film surface. However, all water beading proves is that high surface tension is present, just because a product creates high surface tension, (water beading or sheeting) does not guarantee the coating is actually providing real and meaningful protection.
A polymer layer comprises long molecules that form a hard, dense flat mesh that lies on the top of the much smaller paint molecule. Polymers are hydrophobic [lacking an affinity for water] the surface is smooth which in part causes ‘water sheeting’.
Carnauba Wax is inherently hydroscopic [readily taking up and retaining moisture] when exposed to water, wax swells and closes its pores, ‘beading’ simply means that a high surface tension is present.
Some waxes and/or sealants make water bead up on the surface, and some make water sheet off. If you chose a wax or sealant that sheets, then it will never bead, whether there is wax or sealant present or not. Most of the wax and sealant products seem pretty clear cut on how they react, either beading or sheeting.
Then there is the argument which is better beading or sheeting? Some folks like the sheeting better (keeps paint cleaner etc.) and other prefer beading. The smaller the beads the better the way cool factor.
IMHO - The days of "beading is relational to protection" are long gone with grandpa Simonizing the Oldsmobile.