Beeswax does not moisturize your lips.
Instead, it acts more like a glue to hold the other ingredients together. As popular as Burt’s Bees & EOS, they are actually terrible at helping chapped lips (at least if your lips are as dry as mine).
Vaseline works the same way.
Vaseline is one of those things that traps the moisture that’s already there. In other words it won’t add moisture, but it will prevent moisture from escaping. If it’s working for you then there’s nothing wrong with using it.
Try something with lanolin. I’ve heard bag balm contains a lot of it. I like Jack Black balms, sold at Sephora, but they’re about $7 (although they last me months).
I’ve also seen liquid lanolin sold in the “natural” section of my grocery store but I’ve yet to try it. Good luck with your quest! Chapped and cracked lips are painful so I hope you find something that works well for you soon!