Many of the "Rusty Jones" treated vehicles I saw seemed to rust from the outside in,instead of from the inside of the door bottoms and rockers--I think the waxy stuff they sprayed inside the doors,rockers and other areas helped prevent rusting there,but did nothing to keep stone chips and bare spots from rusting externally..
When car makers started putting that clear wrinkly film around wheel arches and dog legs,it seemed to help stop stone chips from starting rot,but then the moisture trapped inside the panel rusted it out from the inside..
Only old vehicles up here that survived well despite being driven year round, were the ones that had used crankcase oil sprayed underneath on everything--diesel engine oil works best,the soot makes it tougher to wash off..
Many of the old time service stations did this for two reasons--to get rid of the used oil for free,and they knew it'd help preserve the undercarriage...washing the vehicle often never hurt either,especially after the roads had been salted..
Some guys use linseed oil to keep rust at bay,or fluid film,some even "paint" their frames and underbody sheet metal with gear lube or chassis grease ,it does work,but makes for very messy working conditions when it's time to do any repairs--but I'd rather get greasy and have all the bolts come off without snapping,than deal with extracting broken bolts and studs..