The thing that wax brings to the table is its ability to stick to the blade, although it's wiped off fairly quickly by the cut. If heat's an issue, there's no way it's going to come close to pumped coolant, which is really the best of all worlds, assuming you don't mind the mess.
I can only imagine what that would be like, but I fully agree and understand. It wouldn't be any cleaner with coolant, though. Maybe even worse. When you get involved with surface feet the likes of which a circular high speed saw creates, there's not really any good method aside from cutting dry, and that's not really a good way to go, especially with some of the soft aluminums that are not considered machining grades, or are not heat treated.
Oh yeah! Stainless really hates to be machined, all except the free machining grades. It's particularly hard on saw blades. There's considerable heat generated at the point of contact.
Harold