It is food grade wax, and will eventually degrade. It won't improve your compost. You can put the peels in hot water, and the wax will float. Add some ice cubes, and it will then harden on the top and is easily removed. After a few years, you could make a birthday candle. I'd let the racoons eat it.

Your question is not "dumb" and may well be one others thought about asking but did not. The only dumb question is the one not asked.
As bil stated that wax is food grade and will not harm, nor contribute anything to, your compost. We have tossed Rutababga peels, wax covered, into our compost for many years.

Thank you , I will continue what I have been doing then.

Hi, just posting to say THANK YOU for this question and all the answers. It was a huge help (and definitely NOT dumb). I'm tossing my wax-covered rutabager (as we call 'em down south) peels into my compost with peace of mind. Thanks.

The same wax is used on citrus, apples, cukes and all kinds of vegetables. Perfectly safe for the compost. :-] Probably the same stuff they make Wax Lips and Wax Coke Bottle candies from.