Probably work but....
It would probably remove grit, chalk, sweat, etc. and then it would have to be removed.
Shooting pistols is another interest of mine and yeas ago I read an article about how several top pistol and rifle shooters cleaned their weapons and "conditioned" the inside of their barrels.
All of the dozen different shooters had a different method and used different products and had proven good results. So, I think this applies to cue shafts also. There are many different ways to use many products to clean a cue shaft.
I am satisfied with keeping my table, balls and hands clean and wiping cue down with a damp paper towel and drying with a microfleece towel. After many hours and sessions I will use denatured alcohol on a magic eraser and then buff the shaft.
When that is done I seal the wood with the acrylic shaft sealer Pool Dog sells and then buff again. No more shaft wax for me, except on the cue butt.