Yes it does seal it but then it is harder to get the paint to seal when you repair it. Using wax is a good temp band aid, but won't work in the long run. If you do this, make sure that you clean it really well with something that will strip off all wax when you go to repair it. To me, it doesn't take long to fix it properly..... I would just do that and then you don't have to worry about it and it looks better.
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