It's definitely got wool grease in it. It soaks into the leather far more than polish and keeps it supple. I've used dubbin in the past and it's similarly good.
Ah I see. I think wool grease is lanolin. It's probably more durable than beeswax.
Polish also has colour in it, proofide is clear. So you don't get a grey or brown smudge on your shorts.
Ha! I've been using clear polish, but you still get a shiny bum
Saddle oil isn't a bad idea for older saddles. I might get some for the underside of mine.