Another Waxoyl enthusiast!
My bandsaw lives outside, but is regularly sprayed with clean oil. It is covered by a "box" made of the heavy grade material used to make the curtainsides for vehicles.
The bottom is left open, so that any damp air can escape. (Occasionally a snail will shelter under there on the legs!)
Any water that falls on the metal, as the cover is removed, is wiped off.
Almost no rusting has been seen in many years. Any has been so light that a rub with a cloth or a green nylon pad has removed it.
Obviously this is not long term storage, with the machine being uncovered, from time to time, for use.
For longer term storage, I would advocate a heavier oil/wax/grease, applied heavily and completely. If it needs saying, where it is not protected from moist air, corrosion will take place.
Water, in any form, plus air equals corrosion.
As Martin says, if completely sealed, dessicant is needed as well as protective coating.
Howard