This is a very interesting question, and it’s important to know, especially when you see so many products these days relying on Beeswax as a main ingredient. Here is my two cents from my San Antonio makeup service experience.

The truth of the matter is that Beeswax has a waxy texture, and it works with a barrier function to keep moisture in the skin. Sounds great, right? It also is an emulsifier, which means that it allows oil and water to blend effectively. This is the main reason that it is used in so many skin care products today.
The only issue I can see is that Beeswax has the tendency to be somewhat comedogenic, which means that it can clog pores and cause breakouts. For healthy skin care, you definitely do not want to be putting anything on your face that has the ability to block your pores and prevent health and functionality in your complexion. This is precisely why I do recommend looking for more natural moisturizing ingredients, like collagen or hyaluronic acid.
Your skin will thank you!