Every bow I've made has been sealed with exactly that.
I rub a heavy coat in, then gently heat with a heatgun, to draw the oil into the warm wood and make the waxes flow. Then I put a second coat on, rub it into the wood, and let it sit for a bit. Then rub a 3rd coat on and let it sit again, then wipe the excess off and let it sit overnight. The next day, I buff it with a soft cotton T-shirt, to bring out the luster.
If you hunt your bow in wet weather, I would surely rub a fresh coat on, before each season.
–John