Reel magic is not a wax. It dissolves plastics and then attracts dust. Its more like WD40.
KVD Line and Lure conditioner is more like a wax. It leaves a light slick coating on.
Personally I think wax will help. But like everything that gets rubbed off, it is only temporary. In addition when the temps are well into subfreezing, water is gonna freeze so fast, it's like hot water turning into snow when tossed into air.
I'm thinking of a Teflon silicone spray on for the ice auger and see how that works out come next ice.