I can't believe the wax had anything to do with it except making a bit easier to seat the ferrule TOO tightly, instead of just tight enough...
Most NON-metal ferrules are sleeve-over or tip-over, some hybrid or a traditional spigot plug.
Excluding spinning & casting rods, with the exception of one graphite fly rod (coincidentally an Orvis), one Fenwick glass rod and a fiberglass rod I had built with nickel silver ferrules; every graphite & fiberglass fly rod I own has spigot ferrules.
The predominate manufacturer of these rods doesn't recommend wax on spigots (because of embedded grit) so I don't wax any of their rod ferrules in my collection (which includes a LOT of graphite) or any other rods by any other builder with spigots. This necessitates checking the fit occasionally, but other than that I never had a single issue.
Conversely, all of my sleeve-over ferruled rods; fly, spinning & casting (and the spinning & casting are all graphite), I use wax and also never had a problem.
I'll also add the spinning & casting rods are Cabela's branded rods, WELL over 20 years old and fished hard so I've had a lot of opportunity to break something...
Bottom line, IMHO there is nothing wrong with graphite and I have some rods that are SLOWER than some glass rods I own.