Ceramic coating vs wax: what the difference really is

Wax and ceramic coatings do the same job, protecting your paint, but they do it on completely different timescales.
Wax
Carnauba wax sits on top of the paint. It looks warm and deep, costs little, and survives four to eight weeks of Arizona sun before it is gone. It is a great option before a car show and a poor option as your only protection.
Ceramic
A ceramic coating chemically bonds with the clear coat and cures hard. It lasts two to five years, beads water dramatically, and makes every wash faster because dirt struggles to stick. The cost is higher up front, but per month of protection it is usually the cheaper option.
The honest answer
If you keep cars for years, coat them. If you lease and swap every 24 months, a twice-yearly sealant is plenty.