I have to admit that I know nuffink about two-speeders so I’m taking a purely engineering viewpoint for what that’s worth.
Paraffin is a pretty lousy lubricant, it also dilutes and displaces oil, (maybe that’s the idea?), and what is more it will slowly evaporate leaving any surfaces prey to rust.
I’d have thought that a sparing application of a very light lubricant such as the ubiquitous WD40 would do the trick. Alternatively just keep it clean and dry. It should be remembered that lubrication technology has come a very long way since the two-speeder was built and so I’d guess also when that advice was written.