Depends. Usually I do any coloring with dyes rather than stains, and then use spar varnish or outdoor polyurathane.
But, on most of my primitives, I do the beeswax and fat finish, and I love it. You CAN'T just wipe it on, though. There is a process.
I render just a few ounces of elk fat, (the hard waxy stuff off the hips, back and brisket) and then mix it 40:60 fat to beeswax or so. I've done it with Crisco, too. It cools very hard. Then, when I have a truly finished and shot in, sanded bow, I put it in a hot car or in front of the fireplace to get good and warm. I let the wood get hot enough to melt the wax, and just rub it on until it looks wet, then set the bow back to drink in the finish. When the bow looks nice and dry, I do it again. about 4 applications in, and thebow will feel dry, but water will just bead upp and roll off, and I have bows that still shed water tlike that years later.