Generally, the conventional wisdom is that sealants last longer and protect better, but look highly reflective and even "sterile" whereas waxes are less durable but offer a "warmer" look with greater depth and "jetting" (and good luck getting an absolute definition of what any of those terms really mean).
But per usual, the conventional wisdom is just a general guideline and it's not always correct. Some waxes like Collinite last at least as long, or even much longer, than most sealants. And some sealants are surprisingly lousy at protecting against environmental hazards like birdbombs and bugs.
Beauty waxes do seem to offer unique looks that you won't match with sealants. Some people notice/appreciate the diff, others don't.
Sealants generally let every little flaw show whereas waxes do a little concealing and are thus more forgiving of an imperfect finish.
Sealants generally are more picky about what they'll bond to, whereas you can apply waxes over top of most anything.
Some waxes like Collinite are truly viable alternatives to sealants when it comes to protection and durability.
Most sealants can be layered for increased durability and protection, and for a slightly different look. Some waxes can be layered but others merely remove the previous application via solvent-action (unless you apply with a spit-shine technique).
Some sealants like Klasse Sealant Glaze can be layered to provide incredible protection and durability.
Some sealants like FK1000P last a very long time and shed dirt incredibly well.
Some sealants like Four Star UPP and BlackFire can look mighty wax-like whereas others like Zaino and FK1000P have a signature look that some like and others don't.
Some waxes (e.g. Collinite 845 and Pinnacle Souveran) are OK on black plastic trim but others will cause white stains. Ditto for sealants (Klasse is OK). So be careful as some of those white stains are incredibly hard to remove.
Note all the "generally" and "some" qualifiers in the above
Either wax or sealant will work fine on chrome but *IMO* the more durable sealants are a better choice.