Yes, tagging is for .flac, .mp3, .ogg, .vorbis .aiff etc
.wav's need no tagging as, unless you are burning them to a CD, you are not sharing .wavs (and the tags will not transfer to the CD, as .cdwav are audio, not data files.
I was reluctant, to say the least, to start tagging until someone described it to me this way: while sitting in my car listening to a show of mine,he pointed to the dashboard which read "gdyyyy-mm-ddtxxx"
HE goes, "if you tagged them they would read: "Grateful Dead, date, venue, etc." he sold me right then. I've been using foobar2000 tagging ever since as foobar2000 is part of my workflow now that I tag .flacs