The short answer: no. Wax paper is coated with paraffin wax that melts at around 54 degrees, far below ironing temperature. The wax soaks into the beads, leaves white smears, and can stick permanently. Use parchment paper instead, which is silicone-coated and safe.
Wax paper and parchment paper look similar on the roll, which is why this mistake is so common. They behave completely differently under an iron.
What happens if you use it
The wax melts at about 54 degrees and spreads over the hot beads. You will see white or yellowish stains that do not wash off, and the paper may fuse into the melted surface. The piece is usually ruined, and cleaning the iron is extra work. It also leaves residue on your pegboard that transfers to later projects.
How to tell them apart
Check the package: parchment says baking, oven, or silicone-coated. Wax paper says waxed or coated with wax, and it is also slightly translucent and feels waxy. If you already bought wax paper, keep it for wrapping food, not for crafting. The safe options are compared in our paper FAQ, and if beads already have wax stains, see our stuck paper fix FAQ.