Heat proof might be stretching it a bit, heat resistant is probably more accurate. It doesn't break down due to the radiant heat of the brakes like a bodywork wax would.
I iuse a 4:1 Iron-x mix on my wheels and its fine and still works, just spray on and hose off. I dont store it diluted though, i make it up at the time. Best thing about it is that even the dirt on the inside of the wheel just washes away.
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