Among some USAnians, waxing vs. oil-based lubrication of chains has elements of chain-care denominationalism.
Waxing seems to work better in dry climates or times of the year.
The true believers have a few sets of chains (not "chainsets", of course). Typically they exchange chains every 500 miles or so, and when they have 3 or 4 which have been used, they get out their thrift-sale "crock pot" slow cooker, add some more wax (which they call paraffin - not the same product as names that in the UK), and let it warm up. Chains are then immersed for half a day or more; the heat tends to loosen grit up, which falls to the bottom, and wax enters into the various interstitial spaces in the chain. Chains are then fished out and hung up to cool. When cool, loose wax is removed by rubbing down.
Those who find waxing to be heretical use a variety of commercial and home-brew products and combinations. Some thin chainsaw bar oil with solvents, and apply it a drop at a time to the chain links.