The thing about chain lube is you need to apply it where it needs to go and while the chain is atleast warm/hot to aid in it penetrating the inner roller (they are not sealed).
See the attached pictures and see the real issue is no chain lube is going to penetrate behind the O-rings...they are permanently sealed with whatever the factory got in there (lithium grease usually)... This pic demonstrates about 99% of the chains I replace- they wear out behind the o-ring, even the people who never "clean" or lube their chain because OMG then I have to clean the wheel and swingarm and shock, this is where they wear out... I suspect many of these wash their bikes often and then park it and allow the water to just sit there on the chain, surface appears, it rubs on the O-rings and walla- contaminants degrading that "sealed" in lube.
If the O-rings are allowed to dry out, or too harsch of chemicals are used or forced past those O-rings it will dissolve the grease, and rust happens. Same with washing your bike with a power washer or using those solvent type cleaners to degrease the wheel or swingarm etc.... all those penetrate and break down the permanent grease (which there is pressure little of)
if you look closely at the picture with the sprockets you can see the removed link is severely worn on the leading edge, and rusty. That chain/sprocket set only had about 15k on it, but was cleaned 3-5 times a year.
The "best" chain lube, is a constant drip of engine oil or gear lube, chain/sprockets last 50k plus but it is also the messiest. Plus the systems are relatively expensive compared to the average life a rider keeps their bike.
On the other hand if you keep a bike 100k, you would save yourself 2 chain/sprocket changes or more, and that would easily pay for the oiling system.
I use motul most of the time, and if you let it stand for atleast 12 hours after lubing the (warm) chain, the propellants evaporate off and it lasts pretty well with very little fling....but this same procedure works on most of the lubes
Race bikes, engine oil and only engine oil- too lube and to clean.
Chain WAX, never- no way, hell no. sales hype and gimmick if you ask me, I have never seen a chain cared for with chain wax last as long as one with chain lube or lithium grease or oil.