Yes and I'd guess because of it's wax contents. For much better performance, I'd suggest you swap out the stock string trees for 'roller' trees and I use 'Big Bends Nut Sauce' for that type of lubrication. That nut sauce is great for lubing trees, nut slots, and bridge saddle contact points. Purchase one, little tube and I bet it'd last you for almost the rest of your life.
If you don't want to use Chapstick, which I never have, you can take a regular pencil and scrape the lead/graphite point off on the string tree where it contacts the strings. Powdered graphite, which is what you're making when you scrape the point of a pencil, is a superior, dry, lubricate.