No, it's a myth that it grows back faster, thicker, etc. Waxing damages the hair follicle over the long term and can even destroy some of them, so the hair doesn't grow back at all.
Topical treatments like waxing don't effect re-growth rates, hormones and climate temperature have more to do w/that.
My one regret is not learning how to do a proper sugar wax from my Pakistani friend before leaving the US. She could sugar wax like no one's business. She could also thread eyebrow hairs. Now THAT I could NOT get the hang off, but it is really a treat if you can find someone who knows how.