As you know, it's not good to stretch the skin. Waxing does require slightly stretching the skin. What the results of this process will be - are anybody's guess. There are hair removal techniques that are more permanent and thus, will not require stretching the skin repeatedly over the years. You may want to look into laser hair removal as it is permanent and works for all skin types.
Electrolysis is also permanent but takes longer to permanently remove the hair.
The cause may only be your diet, but it pays to check out the cause. There are easy and relatively painless permanent solutions performed by plastic surgeons. For less permanent solutions, try cucumbers on your eyes or warm damp chamomile tea bags. If you like, we can refer you to a top plastic surgeon. I've had to undergo chemotherapy and lost most of my long hair.