That is a bit of a take on the "Danish Oil" sort of finish.
Danish oil, by definition, is the type of, or similar in appearance to the type of, finish used on inexpensive imported Danish furniture, popular in the USA from the mid 50's to the late 60's.
Danish oil can be a lot of things, but the Minwax take on this product is a mineral spirit/naphtha based stain, with waxes dissolved into the to stain as well. The wax will penetrate the wood, giving it an oily, waxy feeling, and permitting some shine. At the same time, the stain will give some color to the wood. They still make that same product, with a new label, and its not half bad on some woods. I've got an Adamas (high end Ovation) that has a mahogany neck, and it get a treatment of that stuff, in a sort of brownish color (I dont recall the name they used on it), about once a year. No issues, and the neck feels great when you play it. Those necks have an oil finish and come fairly pourous - as finished from the factory. They suggest Butchers or Minwax paste wax on the neck twice a year. I've used the Butchers and Minwax, but like the feel of the "wood finish" wax better. If you pour some on a paper towel, after the solvent dries, you'll see how the wax remains. I dont know the type of wax... but it could be a combination of a few kinds.