Shellac is good for the heads because it is easily worn away by friction but it adds very little extra fuel. Wax is good because it seals the wood from absorbing water and provides fuel so the match burns longer and hotter but it makes the heads harder, sometimes impossible, to strike.

I have seen wooden matches with the heads dipped in shellac and the sticks dipped in wax and wrapped in wax saturated cotton string so they burned like a candle. Seemed like the best of both worlds but complicated to produce. This when lighters are cheap and easy.

I happen to like Lifeboat matches. They burn a long time and are sealed against moisture. I still like a Bic but the lifeboat matches are proven and effective alternative. And nobody says you cant wind a little waxed cotton string around the stick so they burn extra long.