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Not exactly. The cheese wedge is an alchemy ingredient and it does have the 'resist fire' property. Cheese wheel is also an alchemy ingredient, but it does not have the 'resist fire' effect.
They do both, however, have the 'restore fatigue' effect, so that's a potion you could make with them. Except, it wouldn't be popping the wedge back into the wheel (though if you think about it, food does restore energy lost from fatigue), because you have to use at least a mortar and pestle (bowl and grindy-stick) to create a potion.
You didn't know cheese was magic?