I use wax paper a ton! One of the ways I use it is to set up my chipboard or sticker alphabets before adhering to the page. They'll peel off the wax paper quite easily and since the wax paper is see through, you get a good feel of how your arrangement will look on a page.
For letter stickers, I like to place them half OFF the wax paper. When I get the arrangement I want I stick the part hanging off onto the layout and peel the rest of the wax paper away.