Read this review on White Lightning Clean Ride Lube, and while reading it note the statement about the driveline was quite noisy:
White Lightning Clean Ride lube review - BikeRadar USA
Now ask yourself a question, what is noise? if your car runs low on oil the engine will make noise, why? What's happening to the internal engine parts? the metal parts inside have lost proper lubrication and are making contact with each other and are sounding off, accelerated engine wear is happening; the same thing is happening to your chain, if the chain is making noise it's because you have metal to metal contact going on. You can argue about this till you're blue in the face, but the noise is just that, metal to metal contact, and the chain is wearing out at an accelerated pace.
And just like my experience with White Lightning or any other drip on wax it's best for short rides and reapply after every ride, or do like I did on long rides, carry a bottle of the stuff and reapply it at around the 70 mile mark which doesn't allow the lube to dry but it does offer some protection which is better than none as evidence by the chain noise.
Also wax of any sort once dried will flake off, that's why the chain appears to be clean because of the constant shedding which takes the dirt with it, great in concept only, problem is it also flakes off the bearing surfaces because the wax isn't mobile like oil and will not because it cannot replenish the surface like oil will which is why you get the noise.
And if you re-apply drip wax, or even oil based lubes without first cleaning the chain the grit on the chain will move inside the chain where it will continue to cause slow damage to the chain.