I have and used the Dupont equivalent of the red rubbing compound and, no, it doesn't have any wax in it. I doubt the polishing compound has any either. I've never used the polishing compound on a ball.
If they did, then auto paint shops would probably not use them, as I suspect the wax would prevent the paint from sticking to the metal properly.
FYI in the 1990s, Brunswick used to recommend rubbing compound as the way to get balls like the Danger Zone and the Speed Zone back to like-new, out of the box condition.
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"None are so blind as those who will not see."