squirt/drip type wax-based chain lube is good for dry conditions because it doesn't attract dirt but it's not very good for wet conditions because it gets washed away easily
to make the (paraffin) wax stick better you need to sterilize the chain and melt the wax preferably with some beeswax mixed in (hot wax method) but this isn't very practical to maintain for most people
i believe that something like pic related which contains beeswax, carnauba wax and a penetrating solvent is valid to use as bike chain lube. the beeswax probably sticks better to the chain which makes it less prone to washing away in the wet. on the other hand it may attract dirt but this won't be worse than the factory lube or wet lube, just try to get the lube inside the rollers and wipe off the excess from the side plates. the price per liter is higher than generic wet lube alternatives such as chainsaw bar oil, engine oil or hydraulic fluid but you can get it in smaller amounts for a few bucks (or even less than a buck
>>1924378) which makes it competitive in price against bike-specific chain lube products.
