Motorcycles with O-Ring chains are a bit different than bicycles.
A number of tests have shown that in dry conditions wax lubes are more efficient on bicycle transmissions.
In wet conditions a lube like Squirt (which I'm a fan of) works okay but its useful life is reduced. Even in dry conditions wax lube is good for a few hours before re-lubing is needed. Reapplication needs time to dry too so there are trade-offs.
I've heard the pros dip chains in melted grease to lube them for wet road races. I guess this gets a good, long-lasting lube into the links where it will, hopefully, stay, much like an O-Ring motorcycle chain.
Wet lubes on mountain bikes tend to attract dust and become grinding paste.