I believe both Bumber and Steel General gave the solution together. For waxed cheese it will eventually ripen but it will take much longer.
Settings/World snapshot
Raw cheese (Waxed)
30 days / month
Season (mid winter)
Summary of observations:
I needed 15 days to ripen after I salted, picked the raw cheese up, waxed it and placed it on the shelf to ripen
1. After the 15 days it displayed -8.0 days left to ripen (0%)
2. 7 days after that it displayed -15.0 days left to ripen (100%)
3. A little while after that it'll become 'Waxed cheddar cheese fresh for x years,' depending on your world/cellar temperature.
Definitely a (minor) bug that needs to be addressed later on.