We'll have to disagree on this one Jamie.
Because the way my brain works is that if I have wood of some kind that is dull and very dry, then give a treatment, application, whatever, that treatment be it a wood oil or wax of some kind then for me that treatment has done something.
The wood looks better, in some cases this applying or treating can prevent cracking and so on.
Wood absorbs the stuf you put on it, hence some woodworkers will leave a treatment on for a good while for it to 'soak in' as they say.
I dont see it as you put it that it isnt doing anything other than putting a coating on it.
Finished wood might be a bit different in some cases but even then, a really good real wood veneer as is on a lot of good speakers, benefits with the occasional wipe and rub of a good wood oil type application.
Thats defo what I see in my experience and I would say the wood is nourished in a sense, I totally see why they use the term.
My System:
Amplification - Sansui AU-alpha 707 DR
Turntable - Technics SP10 MK2-Technics EPA-250 Tonearm-Yannis Tome 423.5Plus tonearm cable-Eichmann KLEI Absolute Harmony plugs.
Ortofon Cadenza Black moving coil cartridge-Fritz Gyger S re-tip. Panzerholz plinth.
CDP - Pioneer PD-91
Speakers - Spendor D7 on Soundcare SuperSpikes
QED Silver Spiral speaker cable-airloc banana plugs
Mains - Ultra Pure silver plated un-switched socket-Missing link EPS 500 silver plated plugs-Hi-Fi Tuning gold plated silver ceramic 13 amp fuses