I am a 60 something male responsible for 4 vehicles, and I wax them all, though not as often as I should. I don’t have expertise with regard to protecting paint, but I know that UV is the enemy and most wax products claim some UV protection.
If nothing else, waxed cars stay clean longer and are not damaged by tree sap, bird poop, or other things that find their way onto car finishes.
Also, it is fun to watch the cat try to jump on a freshly waxed car and slide off.