I have used many times neutral waxes long ago (since I am in SF I just use it for the sole edges and welt) just to polish my shoes. The point for me is not the concrentration of solvents , but the high proportion of different waxes most premium brands use in their formulas.. I am not an expert whatsoever, but my common sense tells me that the solvent is a means to distribute the waxes you are introducing and to allow those waxes to penetrate into the pores of the leather (once it reaches that goal the solvent evaporates). So the results are that you are adding more waxes to the shoe and maybe taking some others and pigments out. What is the final result? Would not be better to use a bit of Renomat for that purpose?. I must admitt that I do not practice mirrow shining or the like, so my experience its limited.
The solvent dissolves everything, which allows you to rub it off. It is really that simple. Like I said, try it.