NONE of the "combo" cleaner/protectant products really remove wax residue, either. The Meguiar's rep swore that their "Trim Detailer" product would remove wax residue. Well - it may hide it longer than most - but I see no evidence of removal.
The best product for actual removal is the 3M stuff I mentioned above. It is strictly a solvent. Because it has NO oils and evaporates quickly, you can TELL almost immediately if you truly got rid of the residue, or merely hid it for a short time. But it takes time to soften the vinyl/rubber and loosen the wax, then a lot of agitation/rubbing to work. So it is not a "wipe on, wipe off" product by any stretch.
I've even tried Prepsol and PPG's "Acryli-Clean DX 330" wax and grease remover - these are what body shops use to remove wax before painting. Well - they may remove it from painted surfaces, but they don't work any better (and probably not as well) removing it from black plastic/vinyl/rubber.