A chain that is treated with wax, whether hot wax or solvent based wax, isn’t “just smeared with wax”. Although I can’t recall if you mixed your automatic transmission fluid with mineral spirits to thin it out, most people do. It’s just way too thick to pour onto the chain otherwise. It’s not the oil that penetrates into the chain, it’s the solvent. In the case of hot wax, it’s the liquid wax itself.

I’m not sure how you “save time” when using home brew oil. You have to wipe down your chain constantly. I don’t. I don’t wipe down my chain ever. There is simply no need. I don’t have to constantly clean my bike’s frame, wheels, and components because there’s no boulders sticking to the chain. I can touch the chain without a hazmat suit. I can fix a flat without splattering everyone within a half mile with black guck.

I’ve done oil. I’ve done hot wax. I use solvent based wax lubricants because they are as easy to use as oil lubricant but are as clean as the more futzy hot wax methods.