You write "the wax is on the leather valves" which is nonsense. Valves are fixed with glue, typically contact glue (which retains some flexibility and is comparatively easy to remove). If you have a vintage accordion or a Texmex accordion (or something else intended for export to countries with similar temperatures) or a soloist accordion, there is some probability that no wax is being used but the reed plates are mounted (using nails or screws) on leather gaskets. Those accordions are the most weather resistant. There are rather few vintage accordions for that market where the reed plates are fixed with glue ("Helmitin"). Those are also weather resistant but a complete nightmare to repair. Most current-day accordions (French accordions being an exception, as well as some other categories mentioned above) have the reed plates fixed in wax.
Wax recipes have been various and changing over the time. Universally they won't stand for excessive heat, but how prone the wax is to becoming more brittle (or flake off when it is already brittle because of being old) really depends on the individual state of instrument and wax.
Another place where wax is used in some vintage accordions is for fixing pallets to key levers. Those fixtures are considerably less vulnerable than the reed plates but could also be affected.