Not on its own. It is essentially lipophilic and will structure an oil phase and form an occlusive film, but it has little affinity for water. The traditional beeswax and borax cold cream works because borax reacts with free fatty acids in the wax to form a soap in situ, which does the emulsifying. Modern formulations generally use a dedicated emulsifier, or PEG-8 beeswax, instead.