nothing is one & done when it comes to rust, at a minimum it should be inspected and touched up every other year with a wax based product and annually for oil based.
Maybe - but compared to coatings where they say you can't underwash, needs to be redone yearly, it's quite durable. You'd have to read it but they say essentially, lifetime protection.
The areas exposed to washing which get the hardwax, really it's only removed via steam or solvent - your leaf springs move it aside, paint could flake or something, but it doesn't just wash away.