It doesn't repel water, but then again, neither does regular lubrication. "Wet" lube emulsifies. We've just been taught to wipe down a wet chain and reapply lubricant.
I know (and you do, too, probably) that those companies thrive on selling an "experience". The cleaning is unnecessary on a new chain. Plop it into the crock pot with the wax mixture, and the high(er) petroleum fraction lubricants float to the top.
Depending on your comfort level, you can skip the "cleaning" too. Knock off anything on the outside, and throw it in. When the wax hardens in the pot, turn it back on, just long enough to break the chunk free, then scrape the dirt off the bottom.
Powdered PTFE and molybdenum disulfide are readily available, by the way. You could have a lifetime supply for the equivalent cost-by-weight from MSW.