The current does not actually pass through the wax paper, and the frequency of the AC, not the voltage, determines the apparent conductivity of a capacitor. At very high voltages the current may pass through the wax paper (or whatever the capacitive medium is), but that typically destroys it. Electrolytic caps may work differently.
Capacitors do not really have ampacity, but yes, the conductivity of a capacitor depends on frequency.
Capacitors and inductors do behave reciprocally in AC circuits, but they are inactive in DC circuits. An ideal inductor is just a conductor in DC and an ideal capacitor is an open circuit to DC.