I agree with Saucy, they reason we have hair down there is because that actually protects the area. If you want to wax, go ahead, but it is not going to do anything at all about chaffing except make it worse. Probably a lot worse.
And as for doing it yourself, LOL. I think every women should know how to do it themselves unless they like to throw money away. You don't have to use wax and I don't even know why people do as it cannot be used in a way that keeps an area completely hairless. And, if you get my drift, a man is not going to enjoy stubble being in that zone. There are shaving and cream based menthods that are cheap, easy and 100% effective.
And as for why I did it when it has no cycling benefit, I remove enough not to show when I am wearing a swimsuit just for aesthetic reasons.