Wax versus varnish on a tabletop
A tabletop takes more punishment than any other horizontal surface in a house, and the choice of finish is really a choice about who does the maintenance and when.
Wax is a soft surface coat. It buffs to a low shine, feels wonderful under a hand, and offers almost no resistance to water or heat. A wet glass left on waxed timber will leave a white ring within the hour. The ring is usually shallow enough to be buffed out, which is the trade: easy to damage, easy to repair, and the repair needs no skill.
A varnish or a modern lacquer is a film. It sits on top of the timber and shrugs off spills, heat and abrasion for years. When it finally fails it fails properly, crazing or lifting in patches, and the repair means cutting back or stripping a whole surface rather than rubbing one spot.
Oil sits between them
An oil finish, which is what most mid-century pieces carry, behaves like wax in that it marks and can be renewed locally, and like varnish in that it cures into the fibres and resists more than wax does. For a dining table used every day it is a reasonable middle position, provided somebody is willing to wipe spills promptly and re-oil once a year.
Choosing by household, not by preference
The honest test is not which finish you like. It is whether the surface will be wiped within a minute of a spill. A table that is cleared and wiped after every meal can carry wax or oil for decades. A table that holds homework, wet mugs and a laptop all day wants a film finish, and no amount of affection for the look of raw timber changes that.
Mixing the two is the one thing to avoid. Wax over a sound varnish is fine as a polish, but oil over wax will not cure and varnish over wax will not stick. If a surface has been waxed and you now want a film, the wax has to come off first with a solvent and clean cloths.
Newer entry: The case for keeping a worn finish
Older entry: Tightening a loose chair joint