Depending on what wax/sealant you use, use on a hot surface may not allow for proper bonding (in the case of polymer or acrylic sealants), may hinder the removal process, may evaporate carrier solvents (reducing the ability of the product to spread evenly or easily), product streaking, etc.
I doubt you would ever "harm" the paint applying wax/sealant or polish in the sun, and even some products are advertised as being "sun friendly" (Poorboy's World products for one). It's normally just a lot easier to not do it in direct sunlight or on a hot surface.
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