I think in terms of the air circulation/RH to lose some water content and draw away gases, it depends on the cheese. For example, all mold and washed rind cheeses should not be waxed/vacuum sealed. Anything with b. linens should not be waxed. Any cheese that depends on a crust for flavor obviously should not be waxed.
However, many higher temp cheeses or those that develop proper water content after brining are fine being waxed or vacuum sealed.
In terms of aging, it's temperature that has the biggest impact because it impacts the rate of proteolysis. However, the great cheese flavor doesn't come just from proteolytic action, but also from the secondary amino acid conversions and breaking down of peptides, and creation of catabolites. And that comes from time. For example, if you age cheese at a higher initial temp, it will increase rate of proteolysis, but may have side effects, such as smaller peptides, which are bitter.
It's all rather complex. There's no clear right way to do it, except that slower in most cases with hard cheeses is better, and aging should be done below ~55 F.
Cheddar is commercially vac sealed when mass produced, and mass produced parm is either waxed or sealed. Also, large wheels of parm have a thick rind, which acts in a similar way to wax, albeit with more air exchange.
I posted a doc from Chr Hansen about cheese ripening a while ago. Lots of good info. http://cheeseforum.org/forum/index.php?action=dlattach;topic=593.0;attach=2941