Waxed cotton is highly water-resistant and designed to provide excellent protection from the weather, but it isn't the same as a fully waterproof technical fabric with taped seams.
The wax finish helps repel rain and should be maintained over time to keep the jacket performing at its best. If the fabric begins to look dry or loses some of its water resistance, it may be time to re-wax it.
Always check the individual garment's care instructions, as different waxed fabrics can have slightly different properties.