Thanks for the images and the headstamp. I have never seen a Polish wood bullet blank, nor do I know of any documentation on one. The wad isn’t unusual with blanks or other rounds with light powder charges. I have never seen a wax filled wood bullet. I would think it may gum up the bore, but perhaps the powder may burn it out. Is the charge actually nitrocellulose or is it just cotton?
The bullet looks slightly loose in the casemouth and the was on the side of the bullet looks like it is the was holding the bullet in place.
The bullet looks like a legit hollow wood bullet and, except for the wax, looks very similar to one I have loaded in a CWS German case headstamped “emp Xf1 1 41” and reportedly came out of Denmark. The police reportedly received/seized a crushed 16rd box with a very few rounds in it. This one was liberated before the rest were destroyed. At least that is the story that came with it.
The bullet was red all the way to the base and has the remains of a lacquer that apparently was used to seal the bullet in place. There was no wad and the case was filled with a fine flake powder.
Your bullet seems a slightly different shape, but otherwise pretty similar.The side of our bullet seems to have some grooves that are under the red stain, which is unusual on most wood bullet rounds I have seen.
Remember, blanks are often loaded on reused cases or in cases that were originally loaded as ball ammo.
I have a Danish wood bullet blank with a 1942 Danish case. This bullet has a slight shoulder like yours, but is a plain wood bullet and the thickness is less than my bullet pictured above. It also has a step at the casemouth which neither my bullet nor your bullet has. The Danish blank also is loaded with a powder.
This is a long was of saying that I have no idea what you have. There are a few aspects of your item that would keep me from being convinced it is original, but I can’t rule it a fake.