FWIW: Crock pots and similar don’t regulate temperature, they have power settings. With little in the pot and a cover, even low power can get too hot. Water will boil at 100C and limit temperature that way. Instant Pots do regulate temperature and adjust power to maintain the set temperature. IDK how chain waxing specific pots are designed, but I suspect they are temperature regulated. For that purpose, a simple thermostat would suffice.
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The small one I bought had the wax boiling at low. I gave it up and bought the Silca pot, which is too small IMO, but you go with what you got. IF the Crock Pot style cookers did manage the temperature, it would be a great option, but I wouldn’t be surprised to find out that the temperature varied between individual one of the same model.