wax figure vs waxwork

wax figure and waxwork both are nouns.

Word	Noun	Adjective	Verb	Adverb
wax figure	Yes	No	No	No
waxwork	Yes	No	No	No

As nouns, wax figure and waxwork are synonyms defined as:

wax figure and waxwork: an effigy (usually of a famous person) made of wax

wax figure (noun)	waxwork (noun)
an effigy (usually of a famous person) made of wax	an effigy (usually of a famous person) made of wax
	twining shrub of North America having yellow capsules enclosing scarlet seeds